FirstCash Upsizes Credit Facility to $1.055B, Eyes UK Acquisition

FirstCash Holdings Inc., () has amended its unsecured bank credit agreement, increasing the facility size from $700 million to $1.055 billion and extending the maturity date from August 2029 to August 2031.

The revised revolving credit facility includes an increased permitted net leverage ratio of up to 3.5 times consolidated EBITDA for the full term of the agreement, which will allow the company to support its growth and expansion plans, according to Chief Executive Officer Rick Wessel.

The amendment also reduces the unused fee and allows for direct borrowings in British pounds sterling of up to $500 million USD equivalent. Additionally, two new banks have been added to the syndicate as part of the revised agreement.

FirstCash operates over 3,300 retail pawn stores across the U.S., Latin America, and the U.K., with its pawn operations accounting for approximately 90% of net revenue. The company is set to facilitate funding for a pending U.K. acquisition, which has received approval from Ramsdens' shareholders but awaits final regulatory clearance.