Form 8-K
8-K — WORLD ACCEPTANCE CORP
Accession: 0000108385-26-000011
Filed: 2026-05-26
Period: 2026-05-22
CIK: 0000108385
SIC: 6141 (PERSONAL CREDIT INSTITUTIONS)
Item: Entry into a Material Definitive Agreement
Documents
8-K — wrld-20260522.htm (Primary)
EX-10.1 (consentandlimitedmodificat.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: wrld-20260522.htm · Sequence: 1
wrld-20260522
May 22, 2026False000010838500001083852022-05-032022-05-03
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________________________
FORM 8-K
__________________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 22, 2026
Commission File Number: 000-19599
WORLD ACCEPTANCE CORPORATION
(Exact name of registrant as specified in its charter.)
South Carolina
57-0425114
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
104 S Main Street
Greenville, South Carolina 29601
(Address of principal executive offices)
(Zip Code)
(864) 298-9800
(registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol Name of each exchange on which registered
Common Stock, no par value WRLD The NASDAQ Stock Market LLC
(NASDAQ Global Select Market)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
☐
Item 1.01. Entry into a Material Definitive Agreement
Consent and Limited Modification to Fixed Charge Coverage Ratio Covenant
On May 22, 2026, World Acceptance Corporation (the "Company") entered into a Consent and Limited Modification to Fixed Charge Ratio (the "Modification") with Bank of Montreal ("BMO"), as Administrative Agent and Collateral Agent, and the Required Lenders party to the Revolving Credit Agreement dated as of July 22, 2025 (as amended or otherwise modified from time to time, the "Credit Agreement"), by and among the Company, the lenders from time to time party thereto, and BMO, as Administrative Agent and Collateral Agent.
Pursuant to Section 8.7(b) of the Credit Agreement, the Company and its Restricted Subsidiaries are required to maintain a ratio of Net Income Available for Fixed Charges to Fixed Charges (the "Financial Covenant") of not less than 2.25 to 1.0 for each fiscal quarter. The Modification provides for a limited, temporary modification of the Financial Covenant as follows:
i.2.20 to 1.0 as of the fiscal quarter ending March 31, 2026;
ii.2.10 to 1.0 as of the fiscal quarter ending June 30, 2026; and
iii.2.15 to 1.0 as of the fiscal quarter ending September 30, 2026.
Commencing with the fiscal quarter ending December 31, 2026, and for all fiscal quarters thereafter, the Financial Covenant shall revert to its original level of not less than 2.25 to 1.0, without regard to the limited modification set forth in the Modification.
Except as expressly modified by the Modification, the Credit Agreement remains in full force and effect in accordance with its current terms.
The foregoing description of the Modification is only a summary and is qualified in its entirety by reference to the full text of the Modification, which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit
Number Exhibit Description
10.1
Consent and Limited Modification to Fixed Charge Ratio, dated as of May 22, 2026, among World Acceptance Corporation, Bank of Montreal, as Administrative Agent and Collateral Agent, and the Required Lenders party thereto
10.4 Cover Page Interactive Data File (embedded within the Inline XBRL document).
1
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
WORLD ACCEPTANCE CORPORATION
By: /s/ John L. Calmes, Jr.
John L. Calmes, Jr.
Executive Vice President and Chief Financial and Strategy Officer
Date: May 26, 2026
2
EX-10.1
EX-10.1
Filename: consentandlimitedmodificat.htm · Sequence: 2
Document
May 22, 2026
World Acceptance Corporation
104 South Main Street, Suite 400
Greenville, South Carolina 29601
Attention: John L. Calmes, Jr., CFO
Re: Consent and Limited Modification to Fixed Charge Ratio
Ladies and Gentlemen:
Reference is hereby made to the Revolving Credit Agreement dated as of July 22, 2025 (as the same may be amended, modified, restated or supplemented from time to time pursuant to the terms thereof, the “Credit Agreement”), by and among WORLD ACCEPTANCE CORPORATION, a South Carolina corporation (the “Borrower”), the Lenders from time to time party thereto, and Bank of Montreal (“BMO”), as Administrative Agent and Collateral Agent. Capitalized terms used herein without definition shall have the same meanings herein as such
terms have in the Credit Agreement.
Pursuant to Section 8.7(b) of the Credit Agreement, the Borrower and its Restricted Subsidiaries are required to maintain a Net Income Available for Fixed Charges to Fixed Charges ratio of not less than 2.25 to 1.0 for each fiscal quarter (the “Financial Covenant”). The Borrower has requested a limited modification of the Financial Covenant, such that, the Financial Covenant shall not be less than: (i) 2.20 to 1.0 as of the fiscal quarter ending March 31, 2026, (ii) 2.10 to 1.0 as of the fiscal quarter ending June 30, 2026 and (iii) 2.15 to 1.0 as of the fiscal quarter ending September 30, 2026. Commencing with the fiscal quarter ending December 31, 2026, the Financial Covenant for such fiscal quarter, and all fiscal quarters thereafter, shall be not less than 2.25 to 1.0, without regard to the limited modification set forth in this letter.
For good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the Administrative Agent and the Required Lenders hereby consent to the modification of the Financial Covenant for each fiscal quarter ended March 31, 2026, June 30, 2026 and September 30, 2026. Except for the consent set forth herein, the Credit Agreement remains in full force and effect in accordance with its current terms.
This letter agreement shall be effective upon (a) the Administrative Agent’s receipt of a copy of this letter agreement duly executed by the Administrative Agent, the Borrower, and the Required Lenders; and (b) the Borrower having paid to the Administrative Agent, for the ratable benefit of the Applicable Lenders (as defined below), a consent fee (the “Consent Fee”) in an amount equal to 0.03% of the aggregate Commitments of the Applicable Lenders as of the date of this letter agreement. As used herein, “Applicable Lender” means each Lender that has delivered an executed counterpart of this letter agreement to the Administrative Agent prior to 5:00 p.m., Chicago time, on May 21, 2026 (or such later date and time specified by the Borrower and notified in writing to the Lenders by the Administrative Agent). For the avoidance of doubt, 2 the Consent Fee shall be due and payable in full on the date hereof, fully earned when due, and non-refundable when paid.
In order to induce the Administrative Agent and the Required Lenders to enter into this letter agreement, Borrower represents and warrants to Administrative Agent and Lenders that (i) after giving effect to this letter agreement, no Event of Default exists and is continuing under the Credit Agreement, and (ii) the representations and warranties contained in the Credit Agreement and in all other Loan Documents are true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of the date hereof, except to the extent the same expressly relate to an earlier date (in which case, the same remain true and correct in all material respects (where not already qualified by materiality, otherwise in all respects) as of such earlier date).
This letter agreement may be executed in any number of counterparts, and by the different parties on different counterpart signature pages, all of which taken together shall constitute one and the same agreement. Any of the parties hereto may execute this letter agreement by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original. Delivery of an executed counterpart of a signature page of this
letter agreement by facsimile or in electronic (e.g., “pdf” or “tif”) format shall be effective as delivery of a manually executed counterpart of letter agreement. The Borrower hereby agrees to pay on demand all costs and expenses of the Administrative Agent incurred in connection with the preparation, execution and delivery of this letter agreement and the transactions contemplated hereby, including the fees and expenses of counsel to the Administrative Agent. The provisions contained in Sections 12.17 (Governing Law) and 12.24 (Submission to Jurisdiction; Waiver of Jury Trial) of the Credit Agreement are incorporated herein by reference to the same extent as if reproduced herein in their entirety, except with reference to this letter agreement rather than the Credit Agreement.
[Signature Page to Follow]
This letter agreement is entered into as of the date and year first above written.
Bank of Montreal, as Administrative Agent,
Collateral Agent and Lender
By______________________________
Name____________________________
Title_____________________________
Accepted and agreed to as of the date and year first above written.
“Borrower”
World Acceptance Corporation
By_______________________________
Name: John L. Calmes, Jr.
Title: Executive Vice President, Chief
Financial & Strategy Officer, and Treasurer
Axos Bank, as a Lender
By___________________________________
Name: ________________________________
Title: _________________________________
First Horizon Bank, as a Lender
By___________________________________
Name: ________________________________
Title: _________________________________
Texas Capital Bank, National Association,
as a Lender
By___________________________________
Name: ________________________________
Title: _________________________________
SouthState Bank, N.A., as a Lender
By___________________________________
Name: ________________________________
Title: _________________________________
Wells Fargo Bank, National Association,
as a Lender
By___________________________________
Name: ________________________________
Title: _________________________________
XML — IDEA: XBRL DOCUMENT
XML
Filename: R1.htm · Sequence: 7
v3.26.1
Cover Page Cover Page
May 03, 2022
Cover [Abstract]
Document Type
8-K
Document Period End Date
May 22, 2026
Entity File Number
000-19599
Entity Registrant Name
WORLD ACCEPTANCE CORP
Entity Incorporation, State or Country Code
SC
Entity Tax Identification Number
57-0425114
Entity Address, Address Line One
104 S Main Street
Entity Address, City or Town
Greenville,
Entity Address, State or Province
SC
Entity Address, Postal Zip Code
29601
City Area Code
(864)
Local Phone Number
298-9800
Title of 12(b) Security
Common Stock, no par value
Trading Symbol
WRLD
Security Exchange Name
NASDAQ
Written Communications
false
Soliciting Material
false
Pre-commencement Tender Offer
false
Pre-commencement Issuer Tender Offer
false
Entity Emerging Growth Company
false
Amendment Flag
false
Entity Central Index Key
0000108385
X
- Definition
Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
No definition available.
+ Details
Name:
dei_AmendmentFlag
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Area code of city
+ References
No definition available.
+ Details
Name:
dei_CityAreaCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Cover page.
+ References
No definition available.
+ Details
Name:
dei_CoverAbstract
Namespace Prefix:
dei_
Data Type:
xbrli:stringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
No definition available.
+ Details
Name:
dei_DocumentPeriodEndDate
Namespace Prefix:
dei_
Data Type:
xbrli:dateItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
No definition available.
+ Details
Name:
dei_DocumentType
Namespace Prefix:
dei_
Data Type:
dei:submissionTypeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Address Line 1 such as Attn, Building Name, Street Name
+ References
No definition available.
+ Details
Name:
dei_EntityAddressAddressLine1
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the City or Town
+ References
No definition available.
+ Details
Name:
dei_EntityAddressCityOrTown
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Code for the postal or zip code
+ References
No definition available.
+ Details
Name:
dei_EntityAddressPostalZipCode
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the state or province.
+ References
No definition available.
+ Details
Name:
dei_EntityAddressStateOrProvince
Namespace Prefix:
dei_
Data Type:
dei:stateOrProvinceItemType
Balance Type:
na
Period Type:
duration
X
- Definition
A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityCentralIndexKey
Namespace Prefix:
dei_
Data Type:
dei:centralIndexKeyItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Indicate if registrant meets the emerging growth company criteria.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityEmergingGrowthCompany
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
No definition available.
+ Details
Name:
dei_EntityFileNumber
Namespace Prefix:
dei_
Data Type:
dei:fileNumberItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Two-character EDGAR code representing the state or country of incorporation.
+ References
No definition available.
+ Details
Name:
dei_EntityIncorporationStateCountryCode
Namespace Prefix:
dei_
Data Type:
dei:edgarStateCountryItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityRegistrantName
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b-2
+ Details
Name:
dei_EntityTaxIdentificationNumber
Namespace Prefix:
dei_
Data Type:
dei:employerIdItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Local phone number for entity.
+ References
No definition available.
+ Details
Name:
dei_LocalPhoneNumber
Namespace Prefix:
dei_
Data Type:
xbrli:normalizedStringItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 13e
-Subsection 4c
+ Details
Name:
dei_PreCommencementIssuerTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14d
-Subsection 2b
+ Details
Name:
dei_PreCommencementTenderOffer
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Title of a 12(b) registered security.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection b
+ Details
Name:
dei_Security12bTitle
Namespace Prefix:
dei_
Data Type:
dei:securityTitleItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Name of the Exchange on which a security is registered.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 12
-Subsection d1-1
+ Details
Name:
dei_SecurityExchangeName
Namespace Prefix:
dei_
Data Type:
dei:edgarExchangeCodeItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Exchange Act
-Number 240
-Section 14a
-Subsection 12
+ Details
Name:
dei_SolicitingMaterial
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Trading symbol of an instrument as listed on an exchange.
+ References
No definition available.
+ Details
Name:
dei_TradingSymbol
Namespace Prefix:
dei_
Data Type:
dei:tradingSymbolItemType
Balance Type:
na
Period Type:
duration
X
- Definition
Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.
+ References
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Securities Act
-Number 230
-Section 425
+ Details
Name:
dei_WrittenCommunications
Namespace Prefix:
dei_
Data Type:
xbrli:booleanItemType
Balance Type:
na
Period Type:
duration