Cash America plans to price $100 million 20-year convertibles to yield 5.25% to 5.75%, up 20% to 25%

By Rebecca Melvin

New York, May 12 - Cash America International Inc. plans to price $100 million of 20-year convertibles after the close of markets Thursday. Talk is for a yield of 5.25% to 5.75% with an initial conversion premium of 20% to 25%, according to a market source.

The Rule 144A offering is being sold via Jefferies & Co., with JMP Securities acting as co-manager. There is a $15 million greenshoe.

The bonds will be non-callable for five years, with investor puts in years 2014, 2019, and 2024.

There is takeover and dividend protection.

Proceeds are expected to be used to repay indebtedness under the company's U.S. line of credit.

Fort Worth, Tex.-based Cash America is an owner and operator of pawnshops in the United States and Mexico.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.