Cash America International, Inc. (NYSE: CSH) today announced its
intention to offer, subject to market and other conditions, up to $100
million principal amount of convertible senior notes due 2029 in a
private offering to qualified institutional buyers pursuant to Rule 144A
of the U.S. Securities Act of 1933, as amended (the “Securities Act”).
Cash America also expects to grant a 30-day option to the initial
purchasers of the notes to purchase up to an additional $15 million
principal amount of additional notes solely to cover over-allotments, if
any.
The notes will be convertible in certain circumstances, based upon a
conversion rate, into either, at Cash America’s election: (i) shares of
common stock or (ii) cash up to their principal amount and shares of its
common stock in respect of the remainder, if any, of the conversion
value in excess of the principal amount. Holders of the notes will have
the right to require Cash America to repurchase for cash all or some of
their notes on specified dates. Cash America may redeem the notes on or
after May 15, 2014. The interest rate, conversion rate, conversion price
and other terms of the notes will be determined at the time of the
pricing of the offering. The notes will be senior unsecured obligations
of Cash America.
Cash America intends to use a portion of the net proceeds of the
offering to repay existing indebtedness including outstanding balances
under its revolving credit facility. Any remaining portions would be
used for general corporate purposes.
The notes have not been and will not be registered under the Securities
Act or applicable state securities laws, 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 applicable state
securities laws. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy the notes, nor shall there
be any sale of the notes in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful.
Cash America International, Inc.
Thomas A. Bessant, Jr.,
817-335-1100
