AUSTIN, Texas -- EZCORP, Inc. announced today that it completed an amendment to its syndicated credit facility, which extends the maturity date of the facility to October 1, 2002. The amended agreement provides for a secured $45 million revolving credit facility and a secured term loan of approximately $15 million.
Commenting on the amendment, President and Chief Executive Officer, Joseph L. Rotunda, stated, "This past year we were able to reduce our debt by 25% or $20 million as a result of our improved operating performance and the completion of several sale leasebacks. With this amended credit facility in place, we will be able to build on last year's operating improvements with continued top line growth and superior execution." As our performance continues to improve and we further reduce our debt, we expect to put together a new credit facility that will meet our long-term needs later in our 2002 fiscal year."
EZCORP offers consumers convenient, non-recourse loans collateralized by tangible personal property, and short-term non-collateralized loans, often referred to as payday loans. A secondary, but related, business activity is the selling of previously owned merchandise consisting primarily of forfeited collateral. On December 20, 2001, the Company operated 283 stores in twelve states.
This announcement contains certain forward-looking statements regarding the Company's expected performance for future periods. Actual results for these periods may materially differ from these statements. Such forward- looking statements involve risks and uncertainties such as changing market conditions in the overall economy and the industry, consumer demand for the Company's services and merchandise, changes in regulatory environment, and other factors periodically discussed in the Company's annual, quarterly and other reports filed with the Securities and Exchange Commission.
For additional information, contact Dan Tonissen at (512) 314-2220.
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Contact: Dan Tonissen of EZCORP, Inc., +1-512-314-2220
Website: http://www.ezcorp.com/
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