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The Company holds two tranches of term loans in the U.K. of $39.0 million and EUR30.7 million, respectively, which carry a variable interest rate of one to six-month LIBOR and EURIBOR plus 3.00% per annum. In December 2006, the Company purchased cross-currency interest rate swaps which synthetically converted all of its term debt in the United Kingdom into British Pound Sterling and also fixed the interest rates for the term loans at 8.41% per annum. With the unwinding of the swaps, the U.K. term loans will once again be subject to variable interest rates and non-cash market-to-market adjustments based on fluctuations in currency exchange rates.
Randy Underwood, the Company's EVP and Chief Financial Officer, stated, "The recent significant devaluation of the Pound Sterling against the U.S. Dollar created an opportunity for us to both monetize the value of the U.K. derivatives and also significantly reduce our annual cash interest expense. The cash proceeds from this transaction further enhances our liquidity position, and provides additional excess cash to fund our global growth and potential acquisition opportunities, or if deemed prudent, it could be used to pay down Company indebtedness in the future."
About Dollar Financial Corp
Dollar Financial Corp is a leading diversified international financial services company serving unbanked and under-banked consumers. Its customers are typically service sector individuals who require basic financial services but, for reasons of convenience and accessibility, purchase some or all of their financial services from the Company rather than from banks and other financial institutions. To meet the needs of these customers, the Company provides a range of consumer financial products and services primarily consisting of check cashing, short-term consumer loans, pawn lending, Western Union money order and money transfer products, currency exchange, reloadable VISA and MasterCard branded debit cards, electronic tax filing, and bill payment services.
At March 31, 2009, the Company's global store network consisted of 1,264 stores, including 1,078 company-operated financial services stores and 186 franchised and agent locations in the United States, Canada, Republic of Ireland and the United Kingdom. The financial services store network is the largest network of its kind in each of Canada and the United Kingdom and the second-largest network of its kind in the United States. The Company's customers, many of whom receive income on an irregular basis or from multiple employers, are drawn to the convenient neighborhood locations, extended operating hours and high-quality customer service. The Company's financial products and services, principally check cashing, money transfer, and short-term consumer loan programs, provide immediate access to cash for living expenses or other needs. For more information, please visit the Company's website at www.dfg.com.
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