ACE Cash talks $350 million eight-year notes with 11% area yield

By Paul A. Harris

Portland, Ore., Feb. 4 - ACE Cash Express, Inc. talked its $350 million offering of eight-year senior secured notes (B3/B) with an 11% area yield on Friday, according to an informed source.

The books close at 10 a.m. ET on Monday, and the deal is set to price thereafter.

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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