FirstCash (NASDAQ: FCFS) sells $750M senior notes due 2034
Rhea-AI Filing Summary
FirstCash Holdings, Inc. has closed a private offering of $750,000,000 in 6.125% senior notes due May 1, 2034, issued through its wholly owned subsidiary FirstCash, Inc. The notes are unsecured senior obligations and are guaranteed by the parent company and its domestic subsidiaries that already guarantee its revolving unsecured credit facility and existing senior unsecured notes.
The notes were sold in a Rule 144A/Regulation S private placement and carry interest at 6.125% from May 1, 2026, payable semi-annually on May 1 and November 1, starting November 1, 2026. The indenture allows optional redemptions, including equity-funded redemptions of up to 40% of the notes before May 1, 2029, and standard call options thereafter at specified prices. If certain asset sales or change in control transactions occur, the issuer must offer to repurchase the notes. The indenture also includes restrictive covenants on additional debt, dividends, stock repurchases, investments, liens, asset sales, mergers, and affiliate transactions, along with customary events of default such as missed payments and bankruptcy events.
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Insights
FirstCash adds $750M of long-term unsecured debt with typical high-yield protections.
FirstCash has issued $750,000,000 of 6.125% senior notes maturing in 2034, guaranteed by key domestic subsidiaries. This locks in a defined-cost funding source for eight years through a private Rule 144A/Reg S placement.
The notes sit as unsecured senior obligations, alongside the company’s existing senior unsecured notes and revolving unsecured credit facility guarantees. The 6.125% coupon reflects long-term borrowing costs but the filing does not provide leverage or coverage metrics to gauge the balance-sheet impact.
The indenture’s covenants limiting additional indebtedness, dividends, stock repurchases, investments, liens, asset transfers, mergers, and affiliate transactions, plus change-of-control and asset-sale repurchase requirements, are standard for this type of issuance. Actual effects on flexibility and credit profile will depend on future financial performance and use of the proceeds, which are not detailed in the excerpt.
8-K Event Classification
Key Figures
Key Terms
Rule 144A regulatory
Regulation S regulatory
change in control transactions financial
events of default financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Item 1.01 Entry into a Material Definitive Agreement.
On May 1, 2026, FirstCash Holdings, Inc. (the “Company”) closed its previously announced private offering of $750,000,000 of 6.125% senior notes due 2034 (the “Notes”) issued by the Company’s wholly-owned subsidiary, FirstCash, Inc. (the “Issuer”). The Notes are unsecured senior obligations of the Issuer and are guaranteed by the Company and its domestic subsidiaries that guarantee its revolving unsecured credit facility and existing senior unsecured notes. The Notes were sold in a private placement in reliance on Rule 144A and Regulation S under the Securities Act of 1933, as amended, pursuant to a purchase agreement among the Issuer, the Company and the other guarantors listed therein and Jefferies LLC, as representative of the initial purchasers.
The Notes were issued pursuant to an indenture (the “Indenture”), dated as of May 1, 2026, by and among the Issuer, the Company and the other guarantors listed therein and BOKF, NA, as trustee. The Indenture provides that interest on the Notes will accrue from May 1, 2026 and is payable semi-annually in arrears on May 1 and November 1 of each year, beginning on November 1, 2026, and that the Notes mature on May 1, 2034.
Prior to May 1, 2029, the Issuer may redeem some or all of the Notes at a price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, plus the “make-whole” premium set forth in the Indenture. The Issuer may redeem up to 40% of the Notes on or prior to May 1, 2029 with the proceeds of certain equity offerings at the redemption prices set forth in the Indenture. The Issuer may redeem some or all of the Notes at any time on or after May 1, 2029, at the redemption prices set forth in the Indenture, plus accrued and unpaid interest up to, but not including, the redemption date. If the Company or any of its restricted subsidiaries sells certain assets or if the Company consummates certain change in control transactions, the Issuer will be required to make an offer to repurchase the Notes.
The Indenture contains certain covenants that, among other things, limit the Company’s ability and the ability of its restricted subsidiaries to incur additional indebtedness, make certain dividends, repurchase Company stock or make other distributions, make certain investments, create liens, transfer or sell assets, merge or consolidate, and enter into transactions with the Company’s affiliates. Such covenants are subject to a number of important exceptions and qualifications set forth in the Indenture. The Indenture also contains certain customary events of default, including failure to make payments in respect of the principal amount of the Notes, failure to make payments of interest on the Notes when due and payable, failure to comply with certain covenants and agreements and certain events of bankruptcy or insolvency.
The description above is qualified in its entirety by the full text of the Indenture (including the form of Note attached as an exhibit thereto), which is filed as Exhibit 4.1 to this Current Report on Form 8-K and is incorporated by reference into this Item 1.01.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above and the full text of the Indenture, which is filed as Exhibit 4.1 is to this Current Report on Form 8-K, is incorporated by reference into this Item 2.03.
Item 9.01 Financial Statements and Exhibits.
| (d) Exhibits: | |
| 4.1 | Indenture, dated as of May 1, 2026, by and among FirstCash, Inc., the guarantors listed therein and BOKF, NA (including the form of Note attached as an exhibit thereto) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document contained in Exhibit 101) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 1, 2026 | |
| FIRSTCASH HOLDINGS, INC. | |
| (Registrant) | |
| /s/ BRIAN D. HOSTETLER | |
| Brian D. Hostetler | |
| Senior Vice President and Chief Accounting Officer | |
| (As Principal Accounting Officer) |