FirstCash Holdings, Inc. has announced the commencement of an offering of senior notes through its wholly-owned subsidiary, FirstCash, Inc. The offering, subject to market and other conditions, amounts to $500,000,000 in aggregate principal amount of senior notes due 2032. The purpose of the offering is to repay a portion of the outstanding borrowings under the subsidiary's revolving unsecured credit facility after the payment of related fees and expenses.
The notes being offered will be unsecured senior obligations of the issuer and will be guaranteed by FirstCash and its domestic subsidiaries that guarantee its revolving unsecured credit facility and existing senior unsecured notes. The offering is being conducted as a private placement, solely to qualified institutional buyers or outside the United States to persons other than "U.S. persons" in reliance on regulation S under the Securities Act of 1933.
Regarding the market performance, the company's shares have experienced a -1.3% movement and are currently trading at a price of $119.0.
In a statement, Doug Orr, President and Chief Executive Officer of FirstCash, expressed the company's strategic intent, stating, "We believe this offering will support the optimization of our capital structure and provide us with additional financial flexibility to pursue our long-term growth objectives."
The full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (M) | $1,781 | $1,864 | $1,631 | $1,699 | $2,729 | $3,049 |
| Interest Income (M) | $29 | $34 | $29 | $32 | $71 | $87 |
| Operating Margins | 12% | 12% | 9% | 10% | 12% | 10% |
| Net Margins | 9% | 9% | 7% | 7% | 9% | 8% |
| Net Income (M) | $153 | $165 | $107 | $125 | $253 | $230 |
| Depreciation & Amort. (M) | $43 | $42 | $42 | $46 | $104 | $108 |
| Diluted Shares (M) | 44 | 43 | 41 | 41 | 47 | 45 |
| Earnings Per Share | $3.41 | $3.81 | $2.56 | $3.04 | $5.36 | $4.98 |
| EPS Growth | n/a | 11.73% | -32.81% | 18.75% | 76.32% | -7.09% |
| Avg. Price | $76.21 | $85.22 | $65.68 | $72.59 | $70.01 | $120.61 |
| P/E Ratio | 22.28 | 22.25 | 25.56 | 23.8 | 13.04 | 24.12 |
| Free Cash Flow (M) | $208 | $187 | $185 | $181 | $434 | $461 |
| EV / EBITDA | 16.38 | 16.13 | 17.81 | 19.55 | 10.88 | 17.27 |
| Total Debt (M) | $591 | $632 | $616 | $1,293 | $1,375 | $1,597 |
| Net Debt / EBITDA | 2.09 | 2.2 | 2.96 | 5.52 | 2.94 | 3.68 |
| Current Ratio | 5.94 | 3.65 | 3.03 | 2.88 | 3.83 | 3.89 |
