Dollar Financial plans to redeem outstanding bonds with new-deal proceeds

New York, Oct. 28 - Dollar Financial Group, Inc. (B3) said it plans to sell $200 million principal amount of new eight-year senior notes in a Rule 144A transaction, and use the proceeds of the anticipated offering to redeem its outstanding senior notes and its outstanding senior subordinated notes, to repay its existing credit facility, which it anticipates will be replaced with a new credit facility, and to pay fees and expenses connected with these transactions and a related note exchange transaction involving its parent company's senior discount notes.

Dollar Financial, a Berwyn, Pa.-based international financial services company, offered no details as to the likely timing of the redemption of its existing debt, or the price at which the bonds might be redeemed.

Dollar Financial sold $110 million of 10 7/8% senior notes due 2006 in November 1996.

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