...August 11, 2020 NEW YORK (S&P Global Ratings) Aug. 11, 2020--S&P Global Ratings today said it assigned its '##' issue rating to FirstCash Inc.'s (##/Stable/--) proposed $400 million senior unsecured notes due 2028. The company expects to use a majority of the proceeds from the new notes to call its existing $300 million senior unsecured notes due 2024, pay down its cash flow revolver, and pay fees and expenses associated with the transaction. Leverage as of the end of the second quarter was 1.9x, and we expect leverage to remain within 1.75x-2.5x as measured by gross debt to adjusted EBITDA. Our ratings on FirstCash are based on the company's concentrated business model in a highly fragmented industry. The company's stable profit margins through varying economic cycles and leading market share partly offset these negative factors. During the second quarter, the company reduced leverage despite declines in year-over-year EBITDA by paying down its revolver. Cash flow from operations was higher...
