Cash America International amends loans, lifting size by $100 million

By Sara Rosenberg

New York, Nov. 30 - Cash America International Inc. amended its credit facility due March 31, 2015, increasing the size to $380 million from $280 million, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

This increase will be available until the earlier of May 29, 2013 or the closing of the initial public offering of common stock of the company's wholly owned subsidiary, Enova International Inc., at which time the facility will return to the $280 million level.

Proceeds from the upsized credit facility will be used to pursue strategic objectives, including the completion of potential acquisitions, the repurchase of stock and for other working capital and general purposes.

The amendment was completed on Nov. 29.

Wells Fargo Bank is the administrative agent on the deal.

The company also announced on Wednesday that it is acquiring a seven-store chain of pawn lending locations in Arizona currently owned and operated as franchised Cash America SuperPawn locations.

Total consideration for the assets is expected to be between $46 million and $50 million, depending on potential adjustments following the completion of due diligence, and closing will occur following receipt of applicable licensing and regulatory approvals.

Cash America is a Fort Worth, Texas-based provider of specialty financial services to consumers.

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