ACE Cash starts tender offer for any and all 10¼% notes due 2014

By Jennifer Chiou

New York, Jan. 10 - ACE Cash Express, Inc. announced the launch of a cash tender offer for any and all of its 10¼% senior notes due Oct. 1, 2014.

The company is also soliciting consents to authorize the elimination of most of the restrictive covenants and certain of the events of default contained in the indenture.

Holders may not tender without delivering consents and vice versa.

ACE said that it plans to use the proceeds from a proposed $350 million debt financing, together with available cash, to fund the tender offer.

The consent deadline is 5 p.m. ET on Jan. 24.

The offer will end at midnight ET on Feb. 7.

For each $1,000 principal amount of notes, the company will pay $1,000, which includes a payment of $50.00, plus accrued interest.

The offer and solicitation are conditioned on the closing of the debt financing as well as the receipt of the needed consents to amend the note indenture.

The depositary and information agent is D.F. King & Co., Inc. (800 967-4607). The dealer manager is Credit Suisse Securities (USA) LLC (800 820-1653 or call collect 212 325-5912).

ACE Cash is an Irving-based provider of retail check-cashing services.

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