First Cash Buying 24 Pawn Shops In 4 States
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ARLINGTON (AP) - First Cash Financial Services Inc. is buying 24 Mister Money pawn shops in four states for about $25.5 million in order to help broaden its U.S. presence.
The stores are located in Colorado, Kentucky, Wyoming and Nebraska.
First Cash CEO Rick Wessel said in a statement on Monday that the buyout will give it its first shops in the Rocky Mountain region and strengthen its Midwest presence.
The deal closed on Friday and is expected to result in about 1 cent per share in acquisition-related costs in the second quarter.
First Cash also said Monday that it is doubling its existing credit facility to $100 million. The Arlington company had $75 million outstanding on the facility as of Friday, which includes borrowings associated with the acquisition.
First Cash now runs 778 outlets, which includes 515 in Mexico and 263 in the U.S.
First Cash shares closed at $37.51 on Friday. They have risen 13 percent from their 52-week low of $33.27 per share in early January. They traded as high as $52.18 per share last September.
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