Payday Lender CNG Nears Deal for Debt Maturity Extension

Payday lender CNG Holdings Inc. is finalizing a deal that would extend the maturity of $228 million in secured notes by two years, according to people familiar with the situation.

• Under the deal, large holders have agreed to swap their existing holdings into new secured notes due June 2026 in return for a coupon boost to 14.5% from 12.5% prior, said the people, who asked not to be identified because the matter is private
  • Holders will also receive around a $25 million pro-rata paydown, the people said
  • The exchange would close ahead of the final deadline for consents because the ...