DALLAS, Oct. 21, 2016 /PRNewswire/ -- ACE Cash Express,
Inc. (the "Issuer") today announced that it is amending its offer
to exchange (the "Exchange Offer") any and all of its $252,173,000 aggregate principal amount
outstanding of 11% Senior Secured Notes due 2019 (the "Existing
Notes") for new 11% Senior Secured Notes due 2022 (the "New
Notes"), pursuant to the Confidential Offering Memorandum and
Consent Solicitation Statement, dated September 27, 2016 (the "Original Offering
Memorandum," and as amended by the amendment thereto dated
October 21, 2016 (the "Amendment"),
the "Confidential Offering Memorandum and Consent Solicitation
Statement").
Pursuant to the Amendment, (i) the definition of "Exchange
Consideration" is amended to be $1,000 principal amount of the New Notes; and
(ii) the definition of "Expiration Time" is amended to be
11:59 p.m., New York City time, on November 3, 2016. As a result of this Amendment,
the Amended Exchange Consideration will be equal to the Total
Consideration set forth in the Original Offering Memorandum.
Therefore, in exchange for each $1,000 principal amount of Existing Notes validly
tendered (and not validly withdrawn) at or prior to 11:59 p.m., New York
City time, on November 3,
2016, and accepted, participating holders will receive
$1,000 principal amount of the New
Notes. Holders who tendered at or prior to the Early Tender Time
will not receive any additional consideration nor will they be
entitled to withdraw their tenders. Holders that tender after the
Early Tender Time (including holders that tender prior to the date
hereof) will receive the same consideration as Holders that
tendered prior to the Early Tender time (including the Early Tender
Premium).
The table below sets forth the results of the Exchange Offer,
according to information provided by D.F King & Co., Inc., the
information and exchange agent, as of 12:00
P.M. Eastern Time as of the date hereof:
Title of
Notes
|
Principal
Amount
Outstanding
|
Amount
of Notes Tendered
|
Approximate Percentage of
Notes Tendered
|
11.00% Senior Secured
Notes due 2019
|
$252,173,000
|
$5,030,000
|
1.99%
|
The Exchange Offer and Consent Solicitation is only being made,
and copies of the Confidential Offering Memorandum and Consent
Solicitation Statement, the Offer to Purchase and Consent
Solicitation Statement, as amended, and the related letters of
transmittal and consent, as amended (together, the "Offering
Documents"), will only be made available, to (1) "qualified
institutional buyers" within the meaning of Rule 144A under the
Securities Act of 1933, as amended (the "Securities Act") or (2)
non "U.S. persons" who are outside of the
United States within the meaning of Regulation S under the
Securities Act. Holders may obtain copies of the Offering
Documents from the information agent, D.F.
King & Co., Inc., at (800) 431-9629 (toll-free) or (212)
269-5550 (for banks and brokers).
Holders who desire to tender their Existing Notes must fully
complete and submit the related letter of transmittal and consent
to the exchange agent, D.F. King
& Co., Inc., at or prior to the Expiration Time.
Holders are urged to carefully read the Offering Documents
before making any decision with respect to the Exchange Offer and
Consent Solicitation. None of the Issuer or its subsidiaries,
the Existing Notes Trustee, the New Notes Trustee, the information
agent or the exchange agent, or the affiliates of any of them,
makes any recommendation as to whether holders should tender or
refrain from tendering their Existing Notes. Holders must
make their own decision as to whether to tender Existing Notes and,
if so, the principal amount of Existing Notes to tender.
About ACE Cash Express, Inc.
ACE Cash Express, Inc. is a leading financial services retailer
serving unbanked and underbanked consumers, which provides through
retail store locations and online, a range of consumer financial
products and services including short-term consumer loans, check
cashing, prepaid debit cards, money transfers, bill payments, and
money orders. ACE Cash Express, Inc. is the largest owner and
operator of check cashing stores in the
United States and the second largest owner and operator of
short-term consumer loan stores in the
United States.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act and Section 21E of
the Securities Exchange Act of 1934, as amended. These
forward-looking statements reflect the Issuer's current views with
respect to future events, based on what it believes are reasonable
assumptions. No assurance can be given, however, that these events
will occur. These statements are subject to risks and uncertainties
that could cause actual results to differ materially including,
among other things, new rules proposed by the Consumer Financial
Protection Bureau affecting the consumer lending industry,
increased regulation and scrutiny and market conditions.
Logo -
http://photos.prnewswire.com/prnh/20120208/DA49391LOGO
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ace-cash-express-inc-announces-amendment-of-exchange-offer-for-any-and-all-of-its-252173000-1100-senior-secured-notes-due-2019-300349419.html
SOURCE ACE Cash Express, Inc.