Facility to $80 Million; Amendment Improves Pricing and Increases Financial
BERWYN, Pa.--(BUSINESS WIRE)--July 11, 2005
Dollar Financial Corp. (NASDAQ:DLLR), a leading
international financial services company serving under-banked
consumers, today announced that the Company's wholly-owned subsidiary,
Dollar Financial Group, Inc., has amended and restated its revolving
credit facility. This amendment increases Dollar Financial Group's
bank credit facility size to $80 million from the previous amount of
$49.8 million and improves pricing and reduces commitment fees. In
addition, the facility has been extended for one additional year of
term and will now expire on November 12, 2009. The new facility became
effective on July 8, 2005.
Commenting on the amendment, Mr. Don Gayhardt, President, said,
"We are pleased to have completed this amendment to our credit
facility as it supports Dollar Financial Group's working capital
growth and enhances the Company's ability to pursue new store openings
and acquisitions going forward. This facility increase combined with
our recently announced add-on offering of $30 million principal amount
of senior notes, significantly improves our financial flexibility,
allowing us to continue to build on our long-term strategy of having
diverse revenue streams through a strong product mix in our domestic
and international markets."
Wells Fargo Bank is the Administrative Agent and Sole Lead
Arranger, U.S. Bank, N.A. is the Syndication Agent and Manufacturers
and Traders Trust Company is the Documentation Agent. Other lenders in
the facility include Citicorp North America, Inc., Credit Suisse First
Boston and Allied Irish Banks, p.l.c.
About Dollar Financial Corp.
Dollar Financial Corp. is a leading international financial
services company serving under-banked consumers. Our customers are
typically lower- and middle-income working-class individuals who
require basic financial services but, for reasons of convenience and
accessibility, purchase some or all of their financial services from
us rather than from banks and other financial institutions. To meet
the needs of these customers, we provide a range of consumer financial
products and services primarily consisting of check cashing,
short-term consumer loans, Western Union money order and money
transfer products, reloadable VISA(R) branded debit cards, electronic
tax filing, bill payment services, and legal document preparation
At March 31, 2005 we operated a network of 1,342 stores, including
170 We the People legal document preparation services franchised
locations and 700 company-operated stores, in 35 states, the District
of Columbia, Canada and the United Kingdom. Our store network is the
largest network of its kind in each of Canada and the United Kingdom
and the second-largest network of its kind in the United States. Our
customers, many of whom receive income on an irregular basis or from
multiple employers, are drawn to our convenient neighborhood
locations, extended operating hours and high-quality customer service.
Our products and services, principally our check cashing and
short-term consumer loan program, provide immediate access to cash for
living expenses or other needs. For more information, please visit the
Company's website at www.dfg.com.
Cautionary Statement Regarding Forward-Looking Statements:
This news release includes forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended,
regarding, among other things, our plans, strategies and prospects,
both business and financial. Although we believe that our plans,
intentions and expectations reflected in or suggested by these
forward-looking statements are reasonable, we cannot assure you that
we will achieve or realize these plans, intentions or expectations.
Forward-looking statements are inherently subject to risks,
uncertainties and assumptions. Many of the forward-looking statements
contained in this news release may be identified by the use of
forward-looking words such as "believe," "expect," "anticipate,"
"should," "planned," "will," "may," "intend," "estimated," and
"potential," among others. Important factors that could cause actual
results to differ materially from the forward-looking statements we
make in this news release are set forth in reports or documents that
we file from time to time with the United States Securities and
Exchange Commission. All forward-looking statements attributable to us
or a person acting on our behalf are expressly qualified in their
entirety by this cautionary statement.
Dollar Financial Corp.
Mark McCall, 212-850-5641
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