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Dollar Financial to redeem 16%, 13.95% notes with IPO proceeds
New York, March 12 - Dollar Financial Corp. said it plans to redeem in full its 16% senior notes due 2012 and its 13.95% senior subordinated notes due 2012 using part of the proceeds from a planned initial public offering of common stock.
The Berwyn, Pa. check cashing store operator and franchisor has $49.4 million of each series of notes outstanding.
The 16% notes will be redeem at 112.5% of par plus accrued interest while the 13.95% notes will be redeemed at par plus accrued interest.
Dollar Financial filed an S-1 registration statement with the Securities and Exchange Commission Friday for the IPO. It anticipates raising approximately $100 million from the offering.
Citigroup will be bookrunner.
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