FORT WORTH, Texas, Aug. 31, 2022 (GLOBE NEWSWIRE) — FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading global retail pawnbroker and one of leading providers 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 to extend the due date to August 2027.
With this amendment, the size of the facility was increased from $500 million to $590 million, as well as an uncommitted accordion feature allowing an additional potential borrowing capacity of $200 million. In addition, the maturity date of the facility has been extended from December 2024 to August 2027 and certain financial covenants have been favorably modified to allow an increase in consolidated indebtedness until the end of 2024 and to eliminate the current national debt ratio clause. The facility is provided by a group of eleven commercial banks, which includes three new participating banks as of this amendment and extension.
Mr. Rick Wessel, President and CEO, said, “The additional capacity and extension of the credit facility provides us with five years of significant long-term committed capital to further support our continued growth and expansion in the United States. United and Latin America. In addition, the amended facility is expected to provide additional capacity to support ongoing shareholder payouts through cash dividends and share buybacks. We would like to thank our commercial banking partners for their continued confidence in FirstCash and our strategic direction.
FirstCash is the leading international pawn shop operator 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 pawnbrokers located in the United States and Latin America buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and provide small consumer pawnbroking loans secured by pledged personal property. FirstCash, through its wholly owned subsidiary, American First Finance (“AFF”), also provides lease payment and retail finance solutions for consumer goods and services through a national network of around 7,600 active partner points of sale. As one of the largest omnichannel providers of “no credit required” payment options, AFF’s technology provides merchant partners with seamless rental and financing experiences in-store, online, in-cart and on mobile devices.
FirstCash is a company that is included in both Standard & Poor’s MidCap 400® Index and the Russell 2000® Index. FirstCash common stock (ticker symbol “FCFS”) trades on Nasdaq, the creator of the world’s first electronic stock market. For more information about FirstCash and the services it provides, visit the FirstCash websites located at http://www.firstcash.com and http://www.americanfirstfinance.com.
This press 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 “outlooks”, “believes”, “plans”, “would expects”, “may”, “estimates”, “should”, “plans”, “targets”, “intends”, “could”, “would”, “anticipates”, “potential”, “confident ”, “optimistic” or the negative thereof, or other variations thereof, or comparable terminology, or through discussions of strategy, objectives, estimates, directions, expectations and future plans. Forward-looking statements can also be identified by the fact that such statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Given that the forward-looking statements relate nt matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.
These forward-looking statements are made to inform the public of management’s current expectations regarding the Credit Facility Amendment. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Securityholders are cautioned that these forward-looking statements involve risks and uncertainties. Certain factors could cause actual results to differ materially from those anticipated by the forward-looking statements made in this press release. These factors may include, but are not limited to, the 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 Company’s ability 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 provide any update or revision to such statement to reflect any change in the expectations of the Company or any change in events, conditions or circumstances on which such statement is based, except as required by law.
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