Cash America amends loan terms with Wells Fargo for Enova spinoff

By Susanna Moon

Chicago, Dec. 30 – Cash America International, Inc. amended its credit agreement on Dec. 23 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The sixth amendment provides that any acceleration or demand for acceleration, repayment, redemption or repurchase of or any default or event of default under the company’s 5¾% senior notes due 2018 or the related indenture proximately caused by the spinoff of Enova International, Inc. will not result in a default or event of default under the agreement.

Also, until the time the provision is no longer required, the company’s minimum liquidity (the unused amount under the credit agreement plus the amount of unrestricted cash and cash equivalents of the company and its subsidiaries in excess of $10 million) will not be less than $250 million less the aggregate amount of all payments made on the 2018 senior notes after Dec. 1, 2014.

Cash America is a Fort Worth-based specialty financial services provider.

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