Cash America To Sell $100 Million Of Senior Notes

FORT WORTH, Texas (AP) — Payday lender Cash America International Inc. said Tuesday it plans to sell up to $100 million worth of convertible senior notes due 2029 in a private offering.

The company also will give the initial purchasers a 30-day option to buy up to $15 million more notes to cover any over-allotments.

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 when the offering is priced.

Cash America intends to use proceeds to repay existing debt and for general corporate purposes.

Shares of Cash America fell 66 cents to close at $22.97 on Tuesday.