FORT WORTH, Texas - FirstCash (NASDAQ:FCFS) Holdings, Inc. (NASDAQ: FCFS), an international operator of pawn stores, has announced through its subsidiary, FirstCash, Inc., the pricing of a private offering of senior notes totaling $500 million, with an interest rate of 6.875% per annum. The senior notes, due in 2032, will pay interest semi-annually starting September 1, 2024.
The unsecured senior obligations will be guaranteed by FirstCash and certain domestic subsidiaries. The offering is slated to close on February 21, 2024, pending customary closing conditions.
Proceeds from the notes issuance are intended to repay part of FirstCash’s outstanding borrowings under its revolving unsecured credit facility. The notes are offered to qualified institutional buyers and to non-U.S. persons in certain transactions outside the United States, in accordance with Rule 144A and Regulation S under the Securities Act of 1933.
The company’s forward-looking statements indicate management’s current expectations regarding the offering and the use of net proceeds. However, these statements are subject to risks and uncertainties, including regulatory conditions and market factors that may affect the company's operations and financial results.
FirstCash operates approximately 3,000 pawn stores across the U.S. and Latin America, offering pawn loans and selling various merchandise. Additionally, through American First Finance, a wholly-owned subsidiary, it provides lease-to-own and retail finance payment solutions at around 11,600 retail merchant partner locations nationwide.
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