Alston & Bird client FirstCash, Inc., the leading international operator of pawn stores, has closed a $300 million private offering of 5.375% senior notes maturing in 2024.
Concurrently, FirstCash completed a cash tender offer for $200 million of its outstanding 6.75% senior notes due in 2021 and a related consent solicitation to amend the indenture governing the notes that would eliminate substantially all restrictive covenants and certain events of default and related provisions. Following the tender offer, FirstCash redeemed all the remaining notes not tendered in the offer.
FirstCash used the net proceeds from the private offering of the senior notes due 2024 to fund the tender offer for and redemption of the senior notes due 2021. It intends to use the remaining net proceeds from the offering to repurchase shares of its common stock and for other general corporate purposes.
Advising FirstCash was an Alston & Bird team led by partners Hill Jeffries and Kyle Healy and associate Matt Strumph (Corporate & Business Transactions); partner Kate Moseley and senior associate Stacie Cargill (Finance); and partner Brian Harvel (Tax).