EZCORP, Inc. Plans Private Offering of $300 Million Senior Notes Due 2032

EZCORP plans to offer $300 million in senior notes for debt repayment and corporate purposes in a private offering.

Quiver AI Summary

EZCORP, Inc., a prominent provider of pawn transactions in the U.S. and Latin America, announced plans to offer $300 million in senior unsecured notes due 2032 in a private placement, subject to market conditions. The notes will be backed by certain wholly owned domestic subsidiaries and may also involve guarantees from future subsidiaries. Proceeds from the offering will be used primarily to repay maturing convertible senior notes and for general corporate purposes. The offering is limited to qualified institutional buyers and will not be registered under the Securities Act, meaning it cannot be sold in the U.S. without proper registration or exemption. The press release includes forward-looking statements regarding the company’s expectations and potential risks but does not guarantee completion of the offering or the terms. EZCORP, established in 1989, aims to meet the short-term cash needs of consumers and is traded on NASDAQ under the symbol EZPW.

Potential Positives

• EZCORP is planning to raise $300,000,000 through a private offering of senior notes, indicating confidence in its financial strategy.
• The proceeds from the offering will be used to repay outstanding Convertible Senior Notes, which may improve the company’s debt structure and financial stability.
• The notes will be fully guaranteed by certain wholly owned domestic subsidiaries, reflecting strong backing and support within the company’s structure.
• EZCORP's status as a leading provider of pawn transactions in the U.S. and Latin America is reinforced, highlighting its industry presence and growth potential.

Potential Negatives

• The company is planning to issue $300,000,000 in senior unsecured notes, indicating a reliance on debt financing which may raise concerns about financial stability.
• The offering is being made in a private placement, which limits the pool of potential investors and may affect the overall demand and market perception of the company.
• There is no assurance that the offering will be completed, which could imply uncertainty regarding the company's ability to secure the necessary capital.

FAQ

What is the purpose of EZCORP's senior notes offering?

EZCORP intends to use the proceeds to repay outstanding debts and for general corporate purposes.

How much is EZCORP planning to raise from the senior notes?

The company plans to offer $300,000,000 in senior notes due 2032.

Who can participate in the senior notes offering?

The offering is limited to qualified institutional buyers and certain non-U.S. persons.

What are senior notes?

Senior notes are unsecured debt obligations that are prioritized for repayment in case of bankruptcy.

What risks are associated with EZCORP's forward-looking statements?

Risks include uncertainties related to market conditions, legislation, and operational factors that may impact future results.

Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.

$EZPW Insider Trading Activity

$EZPW insiders have traded $EZPW stock on the open market 2 times in the past 6 months. Of those trades, 0 have been purchases and 2 have been sales.

Here’s a breakdown of recent trading of $EZPW stock by insiders over the last 6 months:

• SUNIL SAJNANI (Chief Audit/LP Executive) sold 34,493 shares for an estimated $428,403
• NICOLE SWIES (Chief Revenue Officer) sold 10,000 shares for an estimated $124,700

To track insider transactions, check out Quiver Quantitative's insider trading dashboard.

$EZPW Hedge Fund Activity

We have seen 84 institutional investors add shares of $EZPW stock to their portfolio, and 108 decrease their positions in their most recent quarter.

Here are some of the largest recent moves:

• UBS GROUP AG added 1,213,521 shares (+2607.0%) to their portfolio in Q4 2024, for an estimated $14,829,226
• DIVISADERO STREET CAPITAL MANAGEMENT, LP added 1,177,166 shares (+1699.2%) to their portfolio in Q4 2024, for an estimated $14,384,968
• PHASE 2 PARTNERS, LLC removed 911,453 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $10,217,388
• INVENOMIC CAPITAL MANAGEMENT LP added 600,435 shares (+317.1%) to their portfolio in Q4 2024, for an estimated $7,337,315
• BLACKROCK, INC. removed 494,210 shares (-5.3%) from their portfolio in Q4 2024, for an estimated $6,039,246
• INVESCO LTD. removed 436,694 shares (-27.3%) from their portfolio in Q4 2024, for an estimated $5,336,400
• WASATCH ADVISORS LP removed 410,419 shares (-16.5%) from their portfolio in Q4 2024, for an estimated $5,015,320

To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.

$EZPW Analyst Ratings

Wall Street analysts have issued reports on $EZPW in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.

Here are some recent analyst ratings:

• Canaccord Genuity issued a "Buy" rating on 10/04/2024

To track analyst ratings and price targets for $EZPW, check out Quiver Quantitative's $EZPW forecast page.

$EZPW Price Targets

Multiple analysts have issued price targets for $EZPW recently. We have seen 2 analysts offer price targets for $EZPW in the last 6 months, with a median target of $17.5.

Here are some recent targets:

• An analyst from Roth Capital set a target price of $16.0 on 03/17/2025
• Brian McNamara from Canaccord Genuity set a target price of $19.0 on 10/04/2024

Full Release

AUSTIN, Texas, March 24, 2025 (GLOBE NEWSWIRE) -- EZCORP, Inc. (NASDAQ: EZPW) (the “Company”), a leading provider of pawn transactions in the United States and Latin America, announced today that it intends to offer, subject to market conditions and other factors, $300,000,000 aggregate principal amount of its senior notes due 2032 (the “Notes”) in a private offering. The Notes will be senior unsecured obligations of the Company and will be fully and unconditionally guaranteed by certain of the Company’s wholly owned domestic subsidiaries (the “Guarantors”) and may be guaranteed in the future by certain other existing and future subsidiaries that guarantee certain indebtedness of the Company or any Guarantor.

The Company expects to use a portion of the net proceeds from the offering of the Notes to repay its outstanding 2.375% Convertible Senior Notes Due 2025 at maturity, and the remainder for general corporate purposes.

The Notes are being offered in a private placement, solely to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), or outside the United States to certain non-U.S. persons in reliance on Regulation S under the Securities Act. The offer and sale of the Notes and related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and other applicable securities laws. There is no assurance that the offering of the Notes will be completed or, if completed, the terms on which it is completed.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor will there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This announcement contains certain forward-looking statements. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts, or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “seeks,” “possible,” “potential,” “predict,” “project,” “prospects,” “guidance,” “outlook,” “should,” “would,” “will,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These statements are based on the Company’s current expectations as to the outcome and timing of future events. All statements, other than statements of historical facts, including all statements regarding the proposed offering of the Notes or intended use of proceeds thereof, that address activities or results that the Company plans, expects, believes, projects, estimates or anticipates will, should or may occur in the future, including future capital expenditures and future financial or operating results, are forward-looking statements. Actual results for future periods may differ materially from those expressed or implied by these forward-looking statements due to a number of uncertainties and other factors, including operating risks, liquidity risks, legislative or regulatory developments, market factors and current or future litigation. For a discussion of these and other factors affecting the Company’s business and prospects, see the Company’s annual, quarterly and other reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time.

ABOUT EZCORP

Formed in 1989, EZCORP has grown into a leading provider of pawn transactions in the United States and Latin America. We also sell pre-owned and recycled merchandise, primarily collateral forfeited from pawn lending operations and merchandise purchased from customers. We are dedicated to satisfying the short-term cash needs of consumers who are both cash and credit constrained, focusing on an industry-leading customer experience. EZCORP is traded on NASDAQ under the symbol EZPW and is a member of the S&P 1000 Index and Nasdaq Composite Index.

Contact:

Email: Investor_Relations@ezcorp.com

Phone: (512) 314-2220

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.