FirstCash secures financing for H&T acquisition

(Sharecast News) - FirstCash confirmed on Friday that it has secured the financing required to complete its recommended final cash acquisition of UK pawnbroker H&T Group, clearing a key milestone in the �320m deal.

The US-based pawn and retail finance firm said its subsidiary, FirstCash Inc, had drawn down funds under an amended revolving credit facility, as outlined in previous documents, to ensure that Chess Bidco - the newly formed indirect subsidiary handling the acquisition - has sufficient cash resources to fund the transaction.

As a result, Bidco cancelled all commitments under a previously-arranged bridge credit agreement, with effect from 8 August.

The deal was being implemented by way of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act.

Regulatory and shareholder approvals had already been secured, with the Competition and Markets Authority condition satisfied in May and the Financial Conduct Authority's change in control approval granted in July.

Shareholders in the AIM-traded H&T voted in favour of the scheme and related resolutions at meetings held on 2 July.

There was no change to the expected timetable of principal events for completion.

FirstCash said the financial terms of the offer remained final and would not be increased unless a rival bid emerged or with the consent of the Takeover Panel.

At 1204 BST, shares in H&T Group were flat at 646p.

Reporting by Josh White for Sharecast.com.