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S&P assigns BB to FirstCash notes
S&P said it assigned BB issue and 3 recovery ratings to FirstCash Holdings Inc.'s planned issuance of $500 million of senior unsecured notes due 2032. The 3 recovery rating indicates meaningful (50-70%; rounded estimate: 50%) recovery in default.
The ratings are in line with those on FirstCash’s outstanding senior unsecured notes.
The company plans to use the proceeds to repay borrowings on its revolving credit facility, which had $568 million outstanding as of Dec. 31. “Therefore, we view the transaction as leverage neutral,” S&P said in a press release.
The outlook is stable.
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