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ACE Cash to sell $350 million eight-year notes via Credit Suisse
Paul A. Harris
Portland, Ore., Jan. 28 - ACE Cash Express, Inc. plans to price a $350 million offering of eight-year senior secured notes during the Jan. 31 week, according to an informed source.
Credit Suisse is the bookrunner for the Rule 144A and Regulation S for life deal.
The notes come with four years of call protection. However, 10% of the issue will be callable annually at 103 during the non-call period.
The notes also feature a three-year 35% equity clawback and a have a 101% poison put.
The proceeds will be used to fund the tender offer for the company's 10¼% notes due 2014, as well as to repay existing term loan and revolver debt.
ACE Cash Express is an Irving, Texas-based financial services provider focused on serving unbanked and underbanked consumers.
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