ACE Cash Express to launch $290 million five-year notes on Wednesday

By Paul A. Harris

Portland, Ore., Dec. 5 – ACE Cash Express, Inc. plans to launch a $290 million offering of five-year senior secured notes on a Wednesday conference call with investors, according to an informed source.

The Rule 144A and Regulation S for life deal is set to price later in the Dec. 4 week.

Credit Suisse Securities (USA) LLC is the lead bookrunner. Jefferies LLC is the joint bookrunner.

The notes become callable after two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period. The notes also feature a two-year 40% equity clawback at par plus the coupon and a 101% poison put.

The Irving, Texas-based financial services provider plans to use the proceeds to refinance its 11% senior secured notes due 2019.

ACE Cash Express is focused on serving unbanked and underbanked consumers.

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