MALVERN, Pa.--(BUSINESS WIRE)--DFC Global Corp. announced today that its wholly-owned subsidiary DFC Finance Corp. is extending the Expiration Time and Withdrawal Deadline (as defined below) for its private offer to Eligible Holders (as defined below) to exchange any and all of DFC Finance’s $800,000,000 outstanding principal amount of 10.500% Senior Secured Notes due 2020 and any interest accrued thereon from June 15, 2016 for up to $800,000,000 principal amount of its newly issued 12.000% Senior Secured PIK Toggle Notes due 2020 plus additional New Notes to be issued in respect of Accrued Interest.
The Exchange Offer was previously scheduled to expire at 5:00 p.m. (New York City time), on July 28, 2016, unless extended. As of 5:00 p.m. (New York City time) on July 28, 2016, $221,311,000 aggregate principal amount, or 27.66% of the outstanding Existing Notes, had been validly tendered for exchange for New Notes in the Exchange Offer and not validly withdrawn. Of such principal amount, approximately $196.0 million had been tendered by an affiliate of Lone Star Funds. The new expiration time of the Exchange Offer is 5:00 p.m. (New York City time) on August 5, 2016, unless further extended by DFC Finance (the “Expiration Time”). The Withdrawal Deadline, which previously expired on July 28, 2016, will now occur at 5:00 p.m. (New York City time) on August 5, 2016, which is also the Expiration Time. The “Withdrawal Deadline” is the time after which Existing Notes validly tendered for exchange may no longer be withdrawn, unless such time is extended by DFC Finance or unless required by law. The Settlement Date, which was scheduled to occur on or about August 2, 2016, has been extended to occur on or about August 10, 2016.
About DFC Global Corp.
DFC Global Corp. and its affiliates are leading international non-bank providers of alternative financial services, principally unsecured short-term consumer loans, secured pawn loans, check cashing, gold buying, money transfers and reloadable prepaid debit cards, serving primarily unbanked and underbanked consumers through their approximately 1,200 current retail storefront locations and their multiple Internet platforms in nine countries across Europe and North America: the United Kingdom, Canada, the United States, Sweden, Finland, Poland, Spain, Romania, and the Republic of Ireland. Our affiliated networks of retail locations in the United Kingdom and Canada are the largest of their kind by revenue in each of those countries. The Company believes that its customers, many of whom receive income on an irregular basis or from multiple employers, choose to conduct their personal financial business with the Company rather than with banks or other financial institutions due to the range and convenience of services that it offers, the multiple ways in which they may conduct business with the Company, and its high-quality customer service. The Company’s products and services, principally its unsecured short-term consumer loans, secured pawn loans and check cashing and gold buying services, provide customers with convenient access to cash for living expenses and other needs. In addition to these core offerings, the Company strives to offer its customers additional high-value ancillary services, including Western Union® money orders and money transfers, reloadable VISA® and MasterCard® prepaid debit cards and foreign currency exchange.
