FirstCash Increases Size of Revolving Bank Credit Facility; Maturity Date Extended to August 2027
31 Août 2022 - 12:00PM
FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq:
FCFS), the leading international operator of retail pawn stores and
a leading provider of retail point-of-sale payment solutions, today
announced that it has amended the terms of its long-term, unsecured
bank credit facility to increase the size of the commitment to $590
million and extend the maturity date to August 2027.
With this amendment, the size of the facility
has been increased from $500 million to $590 million along with an
uncommitted accordion feature allowing for an additional $200
million of potential borrowing capacity. In addition, the maturity
date of the facility was extended from December 2024 to August 2027
and certain financial covenants were favorably amended to permit
increased consolidated leverage through the end of 2024 and to
eliminate the existing domestic leverage ratio covenant. The
facility is provided by a group of eleven commercial banks, which
includes three new participating banks effective with this
amendment and extension.
Mr. Rick Wessel, chief executive officer,
stated, “The additional capacity and extension of the credit
facility provide us with five years of significant long-term
committed capital to further support our continued growth and
expansion in both the U.S. and Latin America. In addition, the
amended facility is expected to provide further capacity to support
ongoing shareholder payouts through cash dividends and share
repurchases. We would like to thank our commercial bank partners
for their continued confidence in FirstCash and our strategic
direction.”
About FirstCash
FirstCash is the leading international operator
of pawn stores and a leading provider of technology-driven
point-of-sale payment solutions, both focused on serving cash and
credit-constrained consumers. FirstCash’s more than 2,800 pawn
stores located in the U.S. and Latin America buy and sell a wide
variety of jewelry, electronics, tools, appliances, sporting goods,
musical instruments and other merchandise, and make small consumer
pawn loans secured by pledged personal property. FirstCash, through
its wholly owned subsidiary, American First Finance (“AFF”), also
provides lease-to-own and retail finance payment solutions for
consumer goods and services through a nationwide network of
approximately 7,600 active retail merchant partner locations. As
one of the largest omni-channel providers of “no credit required”
payment options, AFF’s technology provides its merchant partners
with seamless leasing and financing experiences in-store, online,
in-cart and on mobile devices.
FirstCash is a component company in both the
Standard & Poor’s MidCap 400 Index® and the
Russell 2000 Index®. FirstCash’s common stock
(ticker symbol “FCFS”) is traded on the Nasdaq,
the creator of the world’s first electronic stock market. For
additional information regarding FirstCash and the services it
provides, visit FirstCash’s websites located at
http://www.firstcash.com and
http://www.americanfirstfinance.com.
Forward-Looking Information
This release contains forward-looking statements
about the business, financial condition and prospects of FirstCash
Holdings, Inc. and its wholly owned subsidiaries (together, the
“Company”). Forward-looking statements, as that term is defined in
the Private Securities Litigation Reform Act of 1995, can be
identified by the use of forward-looking terminology such as
“outlook,” “believes,” “projects,” “expects,” “may,” “estimates,”
“should,” “plans,” “targets,” “intends,” “could,” “would,”
“anticipates,” “potential,” “confident,” “optimistic,” or the
negative thereof, or other variations thereon, or comparable
terminology, or by discussions of strategy, objectives, estimates,
guidance, expectations and future plans. Forward-looking statements
can also be identified by the fact that these statements do not
relate strictly to historical or current matters. Rather,
forward-looking statements relate to anticipated or expected
events, activities, trends or results. Because forward-looking
statements relate to matters that have not yet occurred, these
statements are inherently subject to risks and uncertainties.
These forward-looking statements are made to
provide the public with management’s current expectations with
regard to the credit facility amendment. While the Company believes
the expectations reflected in forward-looking statements are
reasonable, there can be no assurances such expectations will prove
to be accurate. Security holders are cautioned such forward-looking
statements involve risks and uncertainties. Certain factors may
cause results to differ materially from those anticipated by the
forward-looking statements made in this release. Such factors may
include, without limitation, risks, uncertainties and regulatory
developments discussed and described in the Company’s most recent
Annual Report on Form 10-K filed with the Securities and Exchange
Commission (the “SEC”), including the risks described in Part 1,
Item 1A, “Risk Factors” thereof, and other reports filed with the
SEC. Many of these risks and uncertainties are beyond the ability
of the Company to control, nor can the Company predict, in many
cases, all of the risks and uncertainties that could cause its
actual results to differ materially from those indicated by the
forward-looking statements. The forward-looking statements
contained in this release speak only as of the date of this
release, and the Company expressly disclaims any obligation or
undertaking to report any updates or revisions to any such
statement to reflect any change in the Company’s expectations or
any change in events, conditions or circumstances on which any such
statement is based, except as required by law.
For further information, please contact: |
|
Gar Jackson |
Global IR Group |
Phone: |
(817) 886-6998 |
Email: |
gar@globalirgroup.com |
|
Doug Orr, Executive Vice President and Chief
Financial Officer |
Phone: |
(817) 258-2650 |
Email: |
investorrelations@firstcash.com |
Website: |
investors.firstcash.com |
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