FirstCash (NASDAQ: FCFS) secures larger credit for pawn growth
Rhea-AI Filing Summary
FirstCash Holdings, Inc. (FCFS) entered into a Tenth Amendment to its Amended and Restated Credit Agreement, upsizing its revolving unsecured credit facility from $700 million to $1.055 billion and extending the stated maturity from August 8, 2029 to August 27, 2031.
The amended facility permits borrowings in both U.S. Dollars and Pounds Sterling, including direct Sterling borrowings up to a $500 million USD equivalent, and reduces the unused commitment fee. The permitted consolidated net leverage ratio was increased to 3.5x consolidated EBITDA, and negative covenants were adjusted to provide additional operating flexibility. Borrowings bear interest at SONIA or SOFR, as applicable, plus a 2.50% per annum margin.
FirstCash, which operates more than 3,300 pawn stores across the U.S., Latin America and the U.K., states that the larger, longer-dated facility supports its long-term global growth plans, including the expected Ramsdens pawn acquisition in the U.K. and other acquisition opportunities.
Positive
- None.
Negative
- None.
Filing Explained
The amended facility is intended to fund the expected Ramsdens acquisition, but that transaction has shareholder approval and remains pending final regulatory approval.
8-K Event Classification
Key Figures
Key Terms
revolving unsecured credit facility financial
consolidated EBITDA financial
negative covenants financial
SONIA financial
SOFR financial
FAQ
What change did FirstCash (FCFS) make to its bank credit facility?
How large is FirstCash’s (FCFS) amended credit facility and when does it mature?
What leverage covenant applies under FirstCash’s (FCFS) amended credit agreement?
In which currencies can FirstCash (FCFS) borrow under the amended facility?
What interest rates apply to FirstCash’s (FCFS) amended credit facility?
How does FirstCash (FCFS) plan to use the expanded credit facility?
How many stores does FirstCash (FCFS) operate and what drives its revenue?
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 1.01 Entry into a Material Definitive Agreement.
On August 27, 2026, FirstCash Holdings, Inc., a Texas corporation (the “Company”), its wholly-owned subsidiaries, FirstCash, Inc., a Delaware corporation (“US Borrower”), Chess Holdco Limited, a company incorporated under the laws of England and Wales with company number 16434482 (“Chess Holdco”), and Chess Bidco Limited, a company incorporated under the laws of England and Wales with company number 16434757 (“Chess Bidco”; Chess Holdco and Chess Bidco, collectively, the “UK Borrowers”; and the UK Borrowers together with the US Borrower, the “Borrowers”), entered into the Tenth Amendment to Amended and Restated Credit Agreement (the “Tenth Amendment”) with Wells Fargo Bank, National Association, as administrative agent, and a syndicate of commercial banks for its existing U.S. revolving unsecured credit facility (the “Credit Facility”) to, among other things, increase the total lender commitment, extend the term of the Credit Facility and amend certain financial covenants.
Under the Tenth Amendment, the Credit Facility was amended to allow for borrowings in both U.S. Dollars and Pounds Sterling and the total lender commitment was increased from $700 million to $1.055 billion. The Tenth Amendment also extended the term of the Credit Facility, which previously matured on August 8, 2029, to August 27, 2031, and reduced the unused commitment fee under the Credit Facility. In addition, the permitted consolidated net leverage ratio was increased to 3.5 times consolidated EBITDA for the full term of the agreement. The Tenth Amendment also amended the Credit Facility to provide additional flexibility under the negative covenants thereunder to operate the Company’s and its subsidiaries’ business.
The Credit Facility bears interest at different benchmark rates based on the currency of the borrowings, including SONIA (the Sterling Overnight Index Average) for borrowings denominated in Sterling and SOFR (the secured overnight financing rate as administered by the Federal Reserve Bank of New York) for borrowings denominated in U.S. Dollars, in each case, as defined and subject to certain adjustments specified in the Tenth Amendment, as applicable, plus a margin of 2.50% per annum.
The preceding description of the Tenth Amendment does not purport to be complete and is qualified in its entirety by the terms and conditions of the Tenth Amendment which is filed as Exhibit 10.1 hereto, and incorporated into this report by reference. In accordance with Item 601(b)(10) of Regulation S-K, certain private or confidential items have been redacted from the filed copy of Exhibit 10.1.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 above and the full text of the Tenth Amendment, which is attached hereto as Exhibit 10.1, are incorporated by reference into this report.
Item 7.01 Regulation FD Disclosure.
On August 31, 2026, the Company issued a press release announcing the entry into the Tenth Amendment. A copy of the press release is filed as Exhibit 99.1 to this report and is incorporated by reference into this Item 7.01.
The information provided in this Item 7.01, including Exhibit 99.1 attached hereto, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by the specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits: | |
| 10.1* | Tenth Amendment to Amended and Restated Credit Agreement, dated August 27, 2026, between FirstCash Holdings, Inc., FirstCash, Inc., Chess Holdco Limited, Chess Bidco Limited, certain subsidiaries of the borrowers from time to time party thereto, the lenders party thereto, and Wells Fargo Bank, National Association, as administrative agent. | |
| 99.1 | Press release, dated August 31, 2026, announcing the Tenth Amendment. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
* Portions of this exhibit are redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: August 31, 2026 | FIRSTCASH HOLDINGS, INC. |
| (Registrant) | |
| /s/ R. DOUGLAS ORR | |
| R. Douglas Orr | |
| Executive Vice President and Chief Financial Officer | |
| (As Principal Financial and Accounting Officer) |
Exhibit 99.1
For Immediate Release:
FirstCash Upsizes and Extends Term of Unsecured Bank Credit Facility;
Size of Committed Facility Increased from $700 Million to $1.1 Billion;
Maturity Date Extended to August 2031
Fort Worth, Texas (August 31, 2026) -- FirstCash Holdings, Inc. (“FirstCash” or the “Company”) (Nasdaq: FCFS), the leading international operator of more than 3,300 retail pawn stores, today announced that it has amended the terms of its long-term, unsecured bank credit agreement to increase the size of the facility, extend its maturity date and enhance other key features, all to further support FirstCash’s long-term global growth strategy.
With this amendment and extension, the size of the revolving unsecured credit facility has been increased from $700 million to $1.055 billion, while the maturity date of the facility was extended from August 2029 to August 2031. The amendment provides for an increased permitted net leverage ratio of up to 3.5 times consolidated EBITDA for the full term of the agreement. The amended agreement also reduces the unused fee under the facility and provides for direct borrowings in British pounds sterling of up to a $500 million USD equivalent.
Mr. Rick Wessel, chief executive officer, stated, “The additional capacity and extension of the credit facility provide us with five years of significant long-term committed capital to further support our continued growth and expansion in both the U.S. and internationally. In particular, this amendment facilitates the funding of the expected Ramsdens pawn acquisition in the U.K., which has been approved by Ramsdens’ shareholders and is pending final regulatory approval, along with other acquisitions currently in our pipeline.
“The upsizing of this facility includes the addition of two new banks to the syndicate and reflects the continued confidence of our existing bank partners, most of which significantly increased their commitments, supported by FirstCash’s strong cash flow generation, disciplined capital allocation and long-term growth prospects. The increased capacity provides us with enhanced liquidity and flexibility to execute on all of our strategic priorities, including accretive acquisitions and ongoing shareholder payouts through cash dividends and share repurchases. We would like to thank all of our commercial bank partners for their partnership with FirstCash and their confidence in our strategic growth plans,” concluded Mr. Wessel.
About FirstCash
FirstCash is the leading international operator of pawn stores focused on serving cash and credit-constrained consumers. FirstCash operates more than 3,300 pawn stores in the U.S., Latin America and the U.K. Most of the stores buy and sell a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property. FirstCash’s pawn operations account for approximately 90% of net revenue, with the remainder provided by its wholly owned subsidiary, AFF, a leading provider of customer payment solutions at the point-of-sale for retailers of consumer goods and services.
FirstCash is a component company in both the Standard & Poor’s MidCap 400 Index® and the Russell 2000 Index®. FirstCash’s common stock (ticker symbol “FCFS”) is traded on the Nasdaq, the creator of the world’s first electronic stock market. For additional information regarding FirstCash and the services it provides, visit FirstCash’s websites located at http://www.firstcash.com, http://www.americanfirstfinance.com and http://www.handt.co.uk.
Forward-Looking Information
This release contains forward-looking statements about the business, financial condition, outlook and prospects of FirstCash Holdings, Inc. and its wholly owned subsidiaries (together, the “Company”), including the Company’s previously announced Ramsdens acquisition. Forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995, can be identified by the use of forward-looking terminology such as “outlook,” “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends,” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic,” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, guidance, expectations, outlook and future plans. Forward-looking statements can also be identified by the fact that these statements do not relate strictly to historical or current matters. Rather, forward-looking statements relate to anticipated or expected events, activities, trends or results. Because forward-looking statements relate to matters that have not yet occurred, these statements are inherently subject to risks and uncertainties.
These forward-looking statements are made to provide the public with management’s current expectations with regard to the credit facility amendment. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Such factors may include, without limitation, risks, uncertainties and regulatory developments discussed and described in the Company’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), including the risks described in Part 1, Item 1A, “Risk Factors” thereof, and other reports filed with the SEC. Many of these risks and uncertainties are beyond the ability of the Company to control, nor can the Company predict, in many cases, all of the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. The forward-looking statements contained in this release speak only as of the date of this release, and the Company expressly disclaims any obligation or undertaking to report any updates or revisions to any such statement to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.
For further information, please contact:
Gar Jackson
Global IR Group
| Phone: | (817) 886-6998 |
| Email: | gar@globalirgroup.com |
Doug Orr, Executive Vice President and Chief Financial Officer
| Phone: | (817) 258-2650 |
| Email: | investorrelations@firstcash.com |
| Website: | investors.firstcash.com |