Cash America Subsidiary Prices $500 Million of Senior Notes Offering; Shares Edge LowerCristina Cantor (Author) Published Date : Jun 17, 2014 09:48 ET
Cash America (CSH), which provides financial services through retail-services locations and e-commerce activities, said Friday its Enova International subsidiary priced its offering of $500 million of 9.75% Senior Notes due 2021 with an interest rate of 9.75%, being sold at a discount of the principal amount thereof to yield 10% to maturity. The offering of the notes is expected to close on or about May 30, subject to customary closing conditions. Enova intends to use all of the net proceeds from the sale of the notes to repay all of its outstanding intercompany debt Enova owes to CSH and to pay a cash dividend to CSH. CSH, in turn, intends to use the proceeds it receives from Enova primarily for the repayment of a portion of its existing indebtedness, and the remaining proceeds will be used for general corporate purposes. Shares were down 1.1% at $46.25 recently, in a 52-week range of $34.80 to $49.19.
Cash America Subsidiary Prices $500 Million of Senior Notes Offering; Shares Edge Lower