Simpson Thacher represented ACE Cash Express, Inc. (“ACE Cash Express”), a portfolio company of JLL Partners, in connection with its Rule 144A and Regulation S offering of $350 million aggregate principal amount of 11% Senior Secured Notes due 2019. ACE Cash Express used a portion of the proceeds from the offering, along with cash on hand, to fund its cash tender offer for all of its outstanding $175 million 10.25% Senior Notes due 2014. ACE Cash Express used the remaining proceeds to repay a portion of its borrowings under its asset-backed revolving credit facility (“ABL Credit Facility”), repay in full and terminate its term loan and pay related fees and expenses.
In addition, ACE Cash Express amended and extended its ABL Credit Facility to provide for revolving credit financings of up to approximately $273.2 million, subject to availability under the borrowing base thereunder. The ABL Credit Facility has a final maturity of July 2015.
ACE Cash Express is a leading financial services retailer, providing a range of consumer financial products and services including short-term consumer loans, check cashing, prepaid debit cards, money transfers, bill payments and money orders. It operates a network of 1,747 stores across 37 states and the District of Columbia.
The Simpson Thacher team included Ken Wallach, David Azarkh, Elsa Wang, Moiz Ali and Allison Wilson (Capital Markets); James Cross and Brandon Mason (Credit); Jonathan Cantor and Danny Salinas (Tax); and Aimee Adler and David Cheng (Executive Compensation & Employee Benefits). Corporate paralegals Matt Dresher and David Whelan also provided valuable assistance.