FirstCash upsizes revolver to $500 million, extends to 2024

By Wendy Van Sickle

Columbus, Ohio, Dec. 19 – FirstCash, Inc. amended and extended its revolving credit facility, upsizing its capacity by $75 million to $500 million, according to an 8-K filing with the Securities and Exchange Commission.

The revolver was extended to Dec. 19, 2024 from Oct. 2, 2023.

The maturity date would accelerate to 90 days prior to the maturity of the company’s senior unsecured notes due June 1, 2024 if the notes have not been refinanced or otherwise extended past Dec. 19, 2024 by such date.

Some financial covenants were amended including a temporary increase in the permitted domestic leverage ratio to 4.5x from 4x domestic EBITDA through Dec. 31, 2020 and to 4.25x times adjusted domestic EBITDA from Jan. 1, 2021 through Dec. 31, 2021; and a temporary decrease in the consolidated leverage ratio to 2.75x from 3x consolidated EBTIDA through Dec. 31, 2021.

The temporary changes to the leverage ratios will revert to the previous ratios effective Jan. 1, 2022.

In addition, the amendment allows for a permanent exclusion of up to $50 million in parent guaranteed indebtedness of foreign subsidiaries from funded debt used in the calculation of the domestic leverage ratio. The credit facility continues to bear interest at Libor plus 250 basis points.

Wells Fargo Bank, NA is the administrative agent.

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

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