FirstCash Holdings, Inc. 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.
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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.
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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.”
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