FIRSTCASH, INC. (NYSE:FCFS) Files An 8-K Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure.
release announcing it has commenced an offering through a private
placement, subject to market and other conditions, of $300,000,000
in aggregate principal amount of senior notes due 2024 (the Notes).
The Notes will be unsecured senior obligations of the Company and
will have materially similar covenants to the current senior notes
due 2021, except that the Company expects to have less restrictions
on dividends and share repurchases provided certain financial
ratios are maintained. The press release dated May 15, 2017 and
attached hereto as Exhibit 99.1 includes the announcement of the
offering of the Notes.
has commenced a cash tender offer for any and all of the
$200,000,000 aggregate outstanding principal amount of its 6.75%
senior notes due 2021 (CUSIP Nos. 31942DAB3 and US31942DAB38) (the
2021 Notes) and a related consent solicitation (together, the
Tender Offer and Consent Solicitation) to effect certain amendments
(the Proposed Amendments) to the indenture governing the 2021 Notes
(the Indenture) that would eliminate substantially all of the
restrictive covenants and certain events of default and related
provisions contained in the Indenture, which Proposed Amendments
would be contained in a supplemental indenture (the Supplemental
Indenture) to the Indenture. Holders who tender their 2021 Notes
will be deemed to consent to all of the Proposed Amendments, and
holders may not deliver consents without tendering their 2021
Notes. The Tender Offer and Consent Solicitation is being made to
the Offer to Purchase and Consent Solicitation Statement, dated May
15, 2017, and a related Consent and Letter of Transmittal
(together, the Offer Documents), which more fully set forth the
terms and conditions of the Tender Offer and Consent Solicitation.
The press release dated May 15, 2017 and attached hereto as Exhibit
99.2 includes the announcement of the Tender Offer and Consent
Solicitation.
results that the Company expects to use at certain investor
meetings and presentations is attached as Exhibits 99.4 and 99.5 to
this report.
for purposes of Section 18 of the Securities Exchange Act of 1934,
as amended, or otherwise subject to the liabilities of that
section, nor shall such information be deemed incorporated by
reference in any filing under the Securities Act of 1933, as
amended, except as shall be expressly set forth by the specific
reference in such filing.
Directors approved a new share repurchase program authorizing the
Company to repurchase up to $100 million of its common stock. The
Board of Directors made this determination after considering the
Company’s liquidity needs and capital resources as well as the
estimated current value of the Company’s assets. The press release
dated May 15, 2017 and attached hereto as Exhibit 99.3 includes the
announcement of the share repurchase program.
repurchase program, which was terminated effective May 15, 2017.
Under the new share repurchase plan, the Company may purchase
common stock in open market transactions, block or privately
negotiated transactions, and may from time to time purchase shares
to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18
under the Exchange Act or by any combination of such methods. The
number of shares to be purchased and the timing of the purchases
are based on a variety of factors, including, but not limited to,
the level of cash balances, credit availability, debt covenant
restrictions, general business conditions, regulatory requirements,
the market price of the Company’s stock and the availability of
alternative investment opportunities. No time limit was set for
completion of repurchases under the new authorization and the
program may be suspended or discontinued at any time.
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(d) Exhibits:
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99.1
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Press release, dated May 15, 2017, announcing the
offering of the Notes. |
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99.2
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Press release, dated May 15, 2017, announcing the
Tender Offer and Consent Solicitation. |
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99.3
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Press release, dated May 15, 2017, announcing the
Companys new share repurchase program. |
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99.4
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Summary financial and other data for the five years
ended December 31, 2016, for the three months ended March 31, 2016 and 2017 and pro forma for the twelve months ended March 31, 2017. |
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99.5
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Unaudited pro forma combined financial information
for the year ended December 31, 2016 and the three months ended March 31, 2016. |
About FIRSTCASH, INC. (NYSE:FCFS)
FirstCash, Inc., formerly First Cash Financial Services, Inc., is an operator of retail-based pawn stores in the United States and Mexico. The Company’s primary business is the operation of pawn stores, which make small pawn loans secured by personal property. Its pawn stores generate retail sales from the merchandise acquired through collateral forfeitures and over-the-counter purchases from customers. The Company’s pawn stores are a source for small consumer loans to help customers meet their short-term cash needs. In addition, some of its pawn stores offer small consumer loans or credit services products. As of December 31, 2015, the Company had 1,075 locations, consisting of 338 stores across 14 states of the United States, 705 stores across 29 states in Mexico and 32 stores in Guatemala. It operates a number of standalone consumer finance stores in Texas and Mexico, which provide consumer financial services products, including credit services and small unsecured consumer loans. FIRSTCASH, INC. (NYSE:FCFS) Recent Trading Information
FIRSTCASH, INC. (NYSE:FCFS) closed its last trading session up +0.40 at 52.30 with 137,033 shares trading hands.