Huntington Exits as Agent on CCF OpCo Revolving Credit, Second Short-Term Extension Since Merger
Company Background
Katapult Holdings (NASDAQ: KPLT) completed an all-stock combination with CCF Holdings LLC and Aaron's Intermediate Holdco on August 11, 2026, transforming from a sub-$300 million revenue e-commerce lease-to-own platform into a combined entity that management said generated more than $4 billion in 2025 pro forma revenue and more than $460 million in pro forma adjusted EBITDA. The deal was structured so that former CCFI unitholders received approximately 79.8% and former Aaron's stockholders received approximately 14.1% of the combined company's shares, leaving pre-merger Katapult stockholders with roughly 6%.
Pre-merger Katapult's credit history was turbulent. Grant Thornton's audit opinions on both the 2024 and 2025 financial statements included going-concern explanatory paragraphs, and the company required at least ten covenant waivers on a term loan that was only extinguished in November 2025 after a $65 million preferred stock issuance. The combined company dismissed Grant Thornton effective September 2, 2026, and engaged Elliott Davis, PLLC — the auditor that had already served CCFI since 2020 and Aaron's since 2024 — as a practical consolidation following the merger close.
The revolving credit facility at issue is a legacy CCF asset. CCF OpCo LLC entered into the Second Amended and Restated Revolving Credit Agreement on December 29, 2023, with Huntington National Bank (successor by merger to Veritex Community Bank) serving as administrative agent. As of June 30, 2026, Katapult's balance sheet carried $74.1 million outstanding on the revolving line, making it the company's primary debt instrument heading into the post-merger period.
What Was Disclosed
CCF OpCo LLC, a wholly owned subsidiary of Katapult, executed the Seventh Amendment to its revolving credit agreement on September 30, 2026. The amendment extended the scheduled Draw Period Termination Date from September 30, 2026 to November 30, 2026 — a two-month extension — subject to earlier termination upon an unwaived Cease Funding Event or further lender-approved extensions. Once a Draw Period Termination Date is reached, a 12-month amortization period commences automatically; absent an Event of Default, the facility's maturity date does not arrive until the end of that amortization window.