ACE Cash Express, Inc. announces amendment of Exchange Offer for any and all of its $252,173,000 11.00% Senior Secured Notes due 2019

DALLAS, Oct. 21, 2016 /PRNewswire/ -- ACE Cash Express, Inc. (the "Issuer") today announced that it is amending its offer to exchange (the "Exchange Offer") any and all of its $252,173,000 aggregate principal amount outstanding of 11% Senior Secured Notes due 2019 (the "Existing Notes") for new 11% Senior Secured Notes due 2022 (the "New Notes"), pursuant to the Confidential Offering Memorandum and Consent Solicitation Statement, dated September 27, 2016 (the "Original Offering Memorandum," and as amended by the amendment thereto dated October 21, 2016 (the "Amendment"), the "Confidential Offering Memorandum and Consent Solicitation Statement").

Pursuant to the Amendment, (i) the definition of "Exchange Consideration" is amended to be $1,000 principal amount of the New Notes; and (ii) the definition of "Expiration Time" is amended to be 11:59 p.m., New York City time, on November 3, 2016. As a result of this Amendment, the Amended Exchange Consideration will be equal to the Total Consideration set forth in the Original Offering Memorandum. Therefore, in exchange for each $1,000 principal amount of Existing Notes validly tendered (and not validly withdrawn) at or prior to 11:59 p.m., New York City time, on November 3, 2016, and accepted, participating holders will receive $1,000 principal amount of the New Notes. Holders who tendered at or prior to the Early Tender Time will not receive any additional consideration nor will they be entitled to withdraw their tenders. Holders that tender after the Early Tender Time (including holders that tender prior to the date hereof) will receive the same consideration as Holders that tendered prior to the Early Tender time (including the Early Tender Premium).

The table below sets forth the results of the Exchange Offer, according to information provided by D.F King & Co., Inc., the information and exchange agent, as of 12:00 P.M. Eastern Time as of the date hereof:

The Exchange Offer and Consent Solicitation is only being made, and copies of the Confidential Offering Memorandum and Consent Solicitation Statement, the Offer to Purchase and Consent Solicitation Statement, as amended, and the related letters of transmittal and consent, as amended (together, the "Offering Documents"), will only be made available, to (1) "qualified institutional buyers" within the meaning of Rule 144A under the Securities Act of 1933, as amended (the "Securities Act") or (2) non "U.S. persons" who are outside of the United States within the meaning of Regulation S under the Securities Act.  Holders may obtain copies of the Offering Documents from the information agent, D.F. King & Co., Inc., at (800) 431-9629 (toll-free) or (212) 269-5550 (for banks and brokers).

Holders who desire to tender their Existing Notes must fully complete and submit the related letter of transmittal and consent to the exchange agent, D.F. King & Co., Inc., at or prior to the Expiration Time.

Holders are urged to carefully read the Offering Documents before making any decision with respect to the Exchange Offer and Consent Solicitation.  None of the Issuer or its subsidiaries, the Existing Notes Trustee, the New Notes Trustee, the information agent or the exchange agent, or the affiliates of any of them, makes any recommendation as to whether holders should tender or refrain from tendering their Existing Notes.  Holders must make their own decision as to whether to tender Existing Notes and, if so, the principal amount of Existing Notes to tender.

About ACE Cash Express, Inc.

ACE Cash Express, Inc. is a leading financial services retailer serving unbanked and underbanked consumers, which provides through retail store locations and online, 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. ACE Cash Express, Inc. is the largest owner and operator of check cashing stores in the United States and the second largest owner and operator of short-term consumer loan stores in the United States.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements reflect the Issuer's current views with respect to future events, based on what it believes are reasonable assumptions. No assurance can be given, however, that these events will occur. These statements are subject to risks and uncertainties that could cause actual results to differ materially including, among other things, new rules proposed by the Consumer Financial Protection Bureau affecting the consumer lending industry, increased regulation and scrutiny and market conditions.

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SOURCE ACE Cash Express, Inc.

Related Links

http://www.acecashexpress.com