FirstCash Announces Upsize and Pricing of $550 Million Senior Notes Due 2030 to Fund Part of its Acquisition of American First Finance

About this update from Firstcash Holdings, Inc.

[{"type":"text","content":"FORT WORTH, Texas, Dec. 09, 2021 (GLOBE NEWSWIRE) -- FirstCash, Inc. (the “Company”) (Nasdaq: FCFS) today announced that it has upsized and priced its previously announced private offering (the “Offering”) of $550 million in aggregate principal amount of senior notes due 2030 (the “Notes”), representing an increase of $25 million in aggregate principal amount from the previously announced proposed offering size. The Notes will pay interest semi-annually at a rate of 5.625% per annum payable on January 1 and July 1 of each year beginning on July 1, 2022. The Notes will be unsecured senior obligations of the Company. The Offering is expected to close on December 13, 2021, subject to the satisfaction of customary closing conditions. 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...

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