EZCORP Announces Closing of Private Offering of $300,000,000 of Senior Notes Due 2032
EZCORP (NASDAQ: EZPW) has successfully closed a private offering of $300 million senior notes due 2032. The notes, offered to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S, will bear interest at 7.375% per annum, payable semiannually starting October 1, 2025.
The company secured net proceeds of approximately $292.5 million after deducting initial purchasers' discounts and estimated offering expenses. EZCORP plans to use about $103.4 million to repay its outstanding 2.375% Convertible Senior Notes Due 2025 at maturity, with excess proceeds allocated for general corporate purposes.
The notes are senior unsecured obligations, fully guaranteed by certain wholly owned domestic subsidiaries, with maturity set for April 1, 2032, unless redeemed or repurchased earlier.
EZCORP (NASDAQ: EZPW) ha concluso con successo un'offerta privata di 300 milioni di dollari in note senior con scadenza nel 2032. Le note, offerte a compratori istituzionali qualificati ai sensi della Regola 144A e a persone non statunitensi ai sensi del Regolamento S, porteranno un interesse del 7,375% annuo, pagabile semestralmente a partire dal 1 ottobre 2025.
L'azienda ha ottenuto proventi netti di circa 292,5 milioni di dollari dopo aver dedotto gli sconti per i compratori iniziali e le spese stimate per l'offerta. EZCORP prevede di utilizzare circa 103,4 milioni di dollari per rimborsare le sue note senior convertibili al 2,375% in scadenza nel 2025 alla scadenza, con i proventi eccedenti destinati a scopi aziendali generali.
Le note sono obbligazioni senior non garantite, completamente garantite da alcune sussidiarie nazionali interamente possedute, con scadenza fissata per il 1 aprile 2032, salvo rimborso o riacquisto anticipato.
EZCORP (NASDAQ: EZPW) ha cerrado con éxito una oferta privada de 300 millones de dólares en notas senior con vencimiento en 2032. Las notas, ofrecidas a compradores institucionales calificados bajo la Regla 144A y a personas no estadounidenses bajo la Regulación S, devengarán un interés del 7.375% anual, pagadero semestralmente a partir del 1 de octubre de 2025.
La empresa aseguró ingresos netos de aproximadamente 292.5 millones de dólares después de deducir los descuentos de los compradores iniciales y los gastos estimados de la oferta. EZCORP planea utilizar aproximadamente 103.4 millones de dólares para pagar sus notas senior convertibles al 2.375% que vencen en 2025 al vencimiento, destinando los ingresos excedentes a fines corporativos generales.
Las notas son obligaciones senior no garantizadas, totalmente garantizadas por ciertas subsidiarias nacionales de propiedad total, con vencimiento establecido para el 1 de abril de 2032, a menos que sean redimidas o recompradas antes.
EZCORP (NASDAQ: EZPW)는 2032년 만기 3억 달러 규모의 선순위 채권의 사모 발행을 성공적으로 마감했습니다. 이 채권은 144A 규정에 따라 자격을 갖춘 기관 투자자에게, S 규정에 따라 비미국인에게 제공되며, 연 7.375%의 이자를 지급하며, 2025년 10월 1일부터 반기마다 지급됩니다.
회사는 초기 구매자 할인 및 예상 발행 비용을 차감한 후 약 2억 9천 2백 50만 달러의 순수익을 확보했습니다. EZCORP는 약 1억 3천 4백만 달러를 2025년 만기 2.375% 전환선순위 채권을 만기 시 상환하는 데 사용할 계획이며, 초과 수익은 일반 기업 용도로 배정될 예정입니다.
이 채권은 특정 완전 소유 국내 자회사가 전액 보증하는 비보장 선순위 의무로, 2032년 4월 1일에 만기가 설정되어 있으며, 조기 상환 또는 재매입되지 않는 한 유효합니다.
EZCORP (NASDAQ: EZPW) a réussi à clôturer une offre privée de 300 millions de dollars en obligations senior arrivant à échéance en 2032. Les obligations, offertes à des acheteurs institutionnels qualifiés selon la règle 144A et à des personnes non américaines selon la réglementation S, porteront un intérêt de 7,375% par an, payable semestriellement à partir du 1er octobre 2025.
L'entreprise a sécurisé des produits nets d'environ 292,5 millions de dollars après déduction des remises des acheteurs initiaux et des frais d'émission estimés. EZCORP prévoit d'utiliser environ 103,4 millions de dollars pour rembourser ses obligations senior convertibles à 2,375% arrivant à échéance en 2025 à l'échéance, les produits excédentaires étant alloués à des fins générales d'entreprise.
Les obligations sont des engagements seniors non garantis, entièrement garantis par certaines filiales nationales entièrement détenues, avec une échéance fixée au 1er avril 2032, sauf en cas de rachat ou de rachat anticipé.
EZCORP (NASDAQ: EZPW) hat erfolgreich eine Privatplatzierung von 300 Millionen US-Dollar an Senior Notes mit Fälligkeit 2032 abgeschlossen. Die Anleihen, die qualifizierten institutionellen Käufern gemäß Regel 144A und nicht-US-Personen gemäß Regulation S angeboten wurden, werden einen Zinssatz von 7,375% pro Jahr tragen, der halbjährlich ab dem 1. Oktober 2025 zahlbar ist.
Das Unternehmen sicherte sich Nettomittel in Höhe von etwa 292,5 Millionen US-Dollar, nachdem die Rabatte der Erstkäufer und die geschätzten Emissionskosten abgezogen wurden. EZCORP plant, etwa 103,4 Millionen US-Dollar zur Rückzahlung seiner ausstehenden 2,375% wandelbaren Senior Notes mit Fälligkeit 2025 bei Fälligkeit zu verwenden, wobei überschüssige Mittel für allgemeine Unternehmenszwecke verwendet werden.
Die Anleihen sind unbesicherte Senior-Verbindlichkeiten, die vollständig von bestimmten inländischen Tochtergesellschaften gehalten werden, mit einer Fälligkeit, die auf den 1. April 2032 festgelegt ist, es sei denn, sie werden vorher eingelöst oder zurückgekauft.
- Successful raising of $292.5 million in net proceeds
- Strategic refinancing of existing debt
- Long-term debt maturity extended to 2032
- Higher interest rate of 7.375% compared to existing 2.375% notes
- Increased debt burden with $300 million new notes
Insights
EZCORP's $300 million senior notes offering represents a significant debt restructuring that extends the company's maturity profile from 2025 to 2032. The transaction yields net proceeds of
The financial implications are mixed. Positively, EZCORP has eliminated near-term refinancing risk and potentially removed dilution concerns associated with the convertible notes. The substantial additional capital (
However, the
The transaction's ultimate value hinges on management's deployment of the additional capital. The return on these funds must exceed the
AUSTIN, Texas, March 28, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW) (the “Company”), a leading provider of pawn transactions in the United States and Latin America, announced today the closing of its private offering of
The Notes bear interest at a rate of
The net proceeds from the offering were approximately
The Notes were offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act, or outside the United States to certain non-U.S. persons in reliance on Regulation S under the Securities Act. The offer and sale of the Notes and related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws.
This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This announcement contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the offering of the Notes or intended use of proceeds thereof, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future capital expenditures and future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors and current or future litigation. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.
ABOUT EZCORP
Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.
Contact:
Email: Investor_Relations@ezcorp.com
Phone: (512) 314-2220
FAQ
What is the interest rate and maturity date for EZPW's new senior notes?
How much did EZCORP (EZPW) raise in net proceeds from the senior notes offering?
How will EZCORP use the proceeds from its $300 million senior notes offering?
Who are the eligible buyers for EZPW's new senior notes?
