Printer Friendly

FIRST CASH'S BANK INCREASES ITS LINE-OF-CREDIT TO $8 MILLION AND DECREASES THE INTEREST RATE ON THE OUTSTANDING BALANCE

 ARLINGTON, Texas, Nov. 3 /PRNewswire/ -- First Cash, Inc. (NASDAQ: PAWN) announced that it has entered into an agreement with its bank to increase its line of credit from $6 million to $8 million. In addition, the maturity date of the line-of-credit has been extended to Nov. 30, 1994 and the interest rate on the line has been decreased from prime plus 1 percent to prime plus 1/2 percent.
 Rick Powell, Chief Executive Officer, stated, "This $8 million increased in our line-of-credit and the decrease of the interest rate on the outstanding balance of the line-of-credit is further evidence of our financial strength and our bank's confidence in our financial performance and stability. The additional funds available from this increase will be used by the Company to further implement its store expansion program and to provide working capital for our existing store base. On Oct. 28, 1993, the Company announced the acquisition of four stores in Jackson, Miss. at a purchase price of $500,000, which will be funded through the increase in the line-of-credit and/or owner financing."
 -0- 11/3/93
 /CONTACT: Mary Ann Jost, Administrative Officer, Investor Relations of First Cash, Inc., 817-633-7296/
 (PAWN)


CO: First Cash, Inc. ST: Texas IN: FIN SU:

WB -- NY066 -- 0168 11/03/93 12:57 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 3, 1993
Words:215
Previous Article:FIRST USA SHAREHOLDERS APPROVE CHARTER AMENDMENT ENABLING PREVIOUSLY ANNOUNCED TWO-FOR-ONE STOCK SPLIT
Next Article:BOYD GAMING CORP. ANNOUNCES RESULTS
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters