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EZCORP Completes Offering Of Cash Convertible Senior Notes

AUSTIN, Texas, July 2, 2014 (GLOBE NEWSWIRE) -- EZCORP, Inc. (Nasdaq:EZPW) announced today that it has completed its offering of 2.125% Cash Convertible Senior Notes due 2019. The company sold $200 million aggregate principal amount of notes on June 23, 2014, and completed the sale of an additional $30 million today following the exercise by the initial purchasers of their entire option to purchase additional notes.

Total net proceeds to the company, after deducting discounts (before expenses), were $223.1 million. The company used $119 million of net proceeds to repay and terminate its revolving credit facility, and used an additional $11.9 million to repurchase one million shares of its outstanding Class A Non-Voting Common Stock. After funding the net cost of certain hedge and warrant transactions that are designed to effectively increase the conversion price of the notes from $16.065 per share to $20.825 per share, the remaining net proceeds of the notes offering ($70.9 million) will be used for general corporate purposes.

The company also confirmed its previous earnings per share guidance of $0.20 to $0.22 for the third quarter (ended June 30) and $0.40 to $0.42 for the fourth quarter (ending September 30) before taking into account a $0.03 reduction in the fourth quarter due to higher interest costs and certain one-time expenses related to the successful completion of the notes offering and the payoff and termination of the bank facility.

Paul Rothamel, the company's President and Chief Executive Officer, stated: "We are pleased to have completed the convertible notes offering at the high end of our expectations. This financing allowed us to pay off our bank line and free ourselves from the related restrictive covenants, allowed us to repurchase stock for the first time in the company's history, and gives us the flexibility to consider a variety of strategic opportunities, including pawn acquisitions.

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