FirstCash, Inc. Commences an Offering of $525,000,000 in Aggregate Principal Amount of Senior Notes Due 2030
December 07, 2021 at 07:17 am EST
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FirstCash, Inc. (the ‘company’ or ‘FirstCash’) announced that it has commenced an offering (the ‘Offering’) through a private placement, subject to market and other conditions, of $525,000,000 in aggregate principal amount of senior notes due 2030 (the ‘Notes’). The Company intends to use the proceeds from the Offering to finance the cash consideration of the previously announced pending acquisition (the ‘Acquisition’) of American First Finance Inc. (‘AFF’), repay in full the outstanding debt under AFF’s credit facility, to pay fees, costs and expenses incurred in connection with the Acquisition and the Offering and the remainder (if any) to repay a portion of the borrowings under the Company’s senior unsecured revolving credit facility. The Offering is not contingent on the closing of the Acquisition or any debt financing. However, in the event that (i) the Acquisition is not consummated on or prior to March 31, 2022 (the ‘Outside Date’) or (ii) the Company notifies BOKF, NA, which is serving as trustee for the Notes, of its abandonment or termination of the business combination agreement dated as of October 27, 2021, as amended, by and among the Company, AFF and the other parties thereto, or its determination that the Acquisition will not be consummated by the Outside Date, the Notes will be subject to a special mandatory redemption at a price equal to 100% of the initial issue price of the Notes plus accrued and unpaid interest from the date of the issuance of the Notes to, but excluding, the date of such special mandatory redemption. The Notes are being offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act of 1933, as amended (the ‘Securities Act’), or outside the United States to persons other than ‘U.S. persons’ in reliance on Regulation S under the Securities Act. The Notes have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements.
FirstCash Holdings, Inc. is an operator of pawn stores in the United States and Latin America. It is a provider of technology-driven, retail point-of-sale (POS) payment solutions focused on serving cash and credit-constrained consumers in the U.S. and Puerto Rico. It operates two business lines: pawn operations and retail POS payment solutions, which are organized into three reportable segments. The U.S. pawn segment consists of pawn operations in 29 U.S. states and the District of Columbia, while the Latin America pawn segment consists of pawn operations in Mexico, Guatemala, Colombia and El Salvador. The retail POS payment solutions segment consists of the operations of American First Finance, LLC (AFF) in all 50 states in the U.S., the District of Columbia and Puerto Rico. Its pawn stores buy and sell a variety of jewelry, electronics, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property.
FIRSTCASH HOLDINGS, INC 
