EZCORP Announces Private Offering of $300,000,000 of Senior Notes Due 2032
EZCORP (NASDAQ: EZPW), a leading pawn transactions provider in the US and Latin America, has announced a private offering of $300 million senior notes due 2032. The notes will be senior unsecured obligations, fully guaranteed by certain wholly owned domestic subsidiaries.
The company plans to use the proceeds to repay its outstanding 2.375% Convertible Senior Notes Due 2025 at maturity, with the remainder allocated for general corporate purposes. The offering is exclusively available to qualified institutional buyers under Rule 144A and certain non-U.S. persons under Regulation S of the Securities Act.
The notes and related guarantees are not registered under the Securities Act or state securities laws, and cannot be offered or sold in the United States without registration or applicable exemption.
EZCORP (NASDAQ: EZPW), un importante fornitore di transazioni di pegno negli Stati Uniti e in America Latina, ha annunciato un'offerta privata di 300 milioni di dollari in obbligazioni senior con scadenza nel 2032. Le obbligazioni saranno obbligazioni senior non garantite, completamente garantite da alcune controllate nazionali interamente possedute.
L'azienda prevede di utilizzare i proventi per rimborsare le sue Obbligazioni Senior Convertibili al 2,375% con scadenza nel 2025 alla scadenza, con il resto destinato a scopi aziendali generali. L'offerta è esclusivamente disponibile per acquirenti istituzionali qualificati ai sensi della Regola 144A e per alcune persone non statunitensi ai sensi della Regolamentazione S del Securities Act.
Le obbligazioni e le relative garanzie non sono registrate ai sensi del Securities Act o delle leggi statali sui valori mobiliari e non possono essere offerte o vendute negli Stati Uniti senza registrazione o esenzione applicabile.
EZCORP (NASDAQ: EZPW), un proveedor líder de transacciones de empeño en EE. UU. y América Latina, ha anunciado una oferta privada de 300 millones de dólares en notas senior con vencimiento en 2032. Las notas serán obligaciones senior no garantizadas, totalmente garantizadas por ciertas subsidiarias nacionales de propiedad total.
La compañía planea utilizar los ingresos para pagar sus Notas Senior Convertibles al 2,375% con vencimiento en 2025 al vencimiento, destinando el resto a fines corporativos generales. La oferta está disponible exclusivamente para compradores institucionales calificados bajo la Regla 144A y ciertas personas no estadounidenses bajo la Regulación S de la Ley de Valores.
Las notas y las garantías relacionadas no están registradas bajo la Ley de Valores ni las leyes estatales de valores, y no pueden ser ofrecidas o vendidas en los Estados Unidos sin registro o exención aplicable.
EZCORP (NASDAQ: EZPW), 미국과 라틴 아메리카에서 선도적인 전당 거래 제공업체가 20232년 만기 3억 달러 규모의 선순위 채권의 사모 발행을 발표했습니다. 이 채권은 특정 전액 출자 자회사에 의해 완전히 보증되는 선순위 무담보 채무입니다.
회사는 수익금을 사용하여 만기 시 2025년 만기 2.375% 전환 선순위 채권을 상환하고, 나머지는 일반 기업 용도로 배분할 계획입니다. 이 발행은 144A 규정에 따라 자격을 갖춘 기관 투자자와 미국 외의 특정 개인에게만 제공됩니다.
채권 및 관련 보증은 증권법 또는 주 증권법에 따라 등록되지 않으며, 등록 또는 적용 가능한 면제 없이 미국에서 제공되거나 판매될 수 없습니다.
EZCORP (NASDAQ: EZPW), un fournisseur de premier plan de transactions de prêt sur gage aux États-Unis et en Amérique latine, a annoncé une offre privée de 300 millions de dollars d'obligations senior échéant en 2032. Les obligations seront des obligations senior non garanties, entièrement garanties par certaines filiales nationales entièrement détenues.
L'entreprise prévoit d'utiliser les produits pour rembourser ses Obligations Senior Convertibles à 2,375% échéant en 2025 à l'échéance, le reste étant alloué à des fins d'entreprise générales. L'offre est exclusivement réservée aux acheteurs institutionnels qualifiés en vertu de la règle 144A et à certaines personnes non américaines en vertu de la réglementation S de la Loi sur les valeurs mobilières.
Les obligations et les garanties associées ne sont pas enregistrées en vertu de la Loi sur les valeurs mobilières ou des lois étatiques sur les valeurs mobilières et ne peuvent être offertes ou vendues aux États-Unis sans enregistrement ou exemption applicable.
EZCORP (NASDAQ: EZPW), ein führender Anbieter von Pfandtransaktionen in den USA und Lateinamerika, hat eine Privatplatzierung von 300 Millionen US-Dollar an unbesicherten vorrangigen Anleihen mit Fälligkeit 2032 angekündigt. Die Anleihen werden unbesicherte vorrangige Verbindlichkeiten sein, die vollständig von bestimmten hundertprozentigen Tochtergesellschaften garantiert werden.
Das Unternehmen plant, die Erlöse zur Rückzahlung seiner 2,375% wandelbaren vorrangigen Anleihen mit Fälligkeit 2025 bei Fälligkeit zu verwenden, während der verbleibende Betrag für allgemeine Unternehmenszwecke verwendet wird. Das Angebot ist ausschließlich für qualifizierte institutionelle Käufer gemäß Regel 144A und bestimmte nicht-US-Personen gemäß der Regulierung S des Securities Act verfügbar.
Die Anleihen und die damit verbundenen Garantien sind nicht gemäß dem Securities Act oder den staatlichen Wertpapiergesetzen registriert und dürfen in den Vereinigten Staaten ohne Registrierung oder anwendbare Ausnahme nicht angeboten oder verkauft werden.
- Refinancing of existing debt indicates proactive debt management
- Strong subsidiary guarantees enhance notes' security
- Extended maturity to 2032 improves debt structure
- Increased debt load of $300 million
- Notes are unsecured obligations
- Potential increase in interest expense depending on new notes' rate
Insights
EZCORP's $300 million senior notes offering represents a significant debt refinancing strategy, amounting to approximately 40% of the company's market capitalization ($757.6M). This move primarily aims to address the company's upcoming debt maturity - specifically repaying the 2.375% Convertible Senior Notes due 2025.
The refinancing extends EZCORP's debt maturity profile substantially from 2025 to 2032, providing enhanced financial flexibility and reducing near-term refinancing risk. By replacing convertible notes with straight senior notes, the company may also be strategically avoiding potential shareholder dilution that could occur if the convertible notes were exercised into equity.
However, without disclosed interest rates for these new notes, it's impossible to determine whether this refinancing will increase the company's interest burden. Given current market conditions and EZCORP's position in the alternative financial services sector, these notes will likely carry a higher interest rate than the maturing 2.375% convertible notes.
The transaction strengthens EZCORP's liquidity position in the near term, but investors should monitor how management allocates the proceeds beyond debt repayment. The undefined "general corporate purposes" could range from organic expansion in Latin America to potential acquisitions in the fragmented pawn industry.
This refinancing indicates management's confidence in long-term business stability, as they're comfortable committing to debt obligations extending seven years into the future - a positive signal for a company operating in the consumer financial services sector that faces regulatory and economic cycle uncertainties.
AUSTIN, Texas, March 24, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW) (the “Company”), a leading provider of pawn transactions in the United States and Latin America, announced today that it intends to offer, subject to market conditions and other factors,
The Company expects to use a portion of the net proceeds from the offering of the Notes to repay its outstanding
The Notes are being offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (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. There is no assurance that the offering of the Notes will be completed or, if completed, the terms on which it is completed.
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 proposed 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
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