FirstCash extends $400 million revolver to 2022, amends covenants

By Wendy Van Sickle

Columbus, Ohio, May 30 – FirstCash, Inc. amended and extended its $400 million revolving credit facility, according to a Tuesday press release.

The revolver was extended to Sept. 2, 2022.

Its financial covenants were amended to provide greater capacity to make future share repurchases.

“The extension of the credit facility into 2022 provides over five years of long-term committed capital to support our continued growth and expansion in both the U.S. and Latin America,” chief executive officer Rick Wessel said in the release.

“In addition, we expect the increased covenant flexibility provided in the amended credit agreement, coupled with the completion of our $300 million seven-year senior notes offering, to further increase our ability to provide meaningful shareholder payouts through continued dividends and share repurchases.”

Interest remains unchanged at Libor plus 250 basis point for current total interest of about 3.5%.

First Cash is a retail-based pawn store operator based in Fort Worth, Texas.

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