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EZCORP Announces Private Offering Of $175 Million Of Cash Convertible Senior Notes Due 2019

Stocks in this article: EZPW

AUSTIN, Texas, June 16, 2014 (GLOBE NEWSWIRE) -- EZCORP Inc. (Nasdaq:EZPW) (the "Company") announced today that it intends to offer, subject to market conditions and other factors, $175 million aggregate principal amount of cash convertible senior notes due 2019 (the "Convertible Notes") in a private offering to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933. The Company expects to grant an option to the initial purchasers to purchase up to an additional $25 million aggregate principal amount of Convertible Notes. The Convertible Notes are expected to pay interest semiannually and will be convertible solely into cash based on a conversion rate to be determined. The Convertible Notes will mature on June 15, 2019, unless earlier repurchased or converted in accordance with their terms prior to such date. Prior to December 15, 2018, the Convertible Notes will be convertible only upon the occurrence of certain events and during certain periods, and thereafter, at any time prior to the close of business on the second scheduled trading day immediately preceding the maturity date.

In connection with the pricing of the Convertible Notes, the Company intends to enter into one or more privately negotiated cash convertible note hedge transactions with one or more of the initial purchasers, their respective affiliates and/or other financial institutions (in this capacity, the "option counterparties"). The cash convertible note hedge transactions are expected generally to offset any cash payments the Company is required to make in excess of the principal amount of converted notes upon any conversion of the Convertible Notes. The Company also intends to enter into one or more separate, privately negotiated warrant transactions with the option counterparties, which could have a dilutive effect to the extent that the market price per share of the Company's Class A Non-Voting Common Stock (the "Class A common stock") exceeds the strike price of the warrants.

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