Cassels Brock Acts for Cash Store Financial in Offering of Senior Secured Notes and Purchase of Loans Receivable Assets

Published: 02/07/2012

By Jason Arbuck, Myroslav Chwaluk, Marlin Horst, Pollyanna Lord, Paul M. Stein, Kerian Wallace, Jennifer Wasylyk

On January 31, 2012, The Cash Store Financial Services Inc. (“CSF”) closed its previously announced offering of $132,500,000 principal amount of 5 year senior secured 11½% notes (the “Notes”).  The Notes were sold at a price of 94.608% in the United States and Canada on a private placement basis.  The proceeds of the offering were used in concurrent transactions to purchase outstanding loans receivable assets from existing lending syndicates, which is expected to result in a lower effective cost of capital for CSF. 

Cassels Brock represented CSF in the offering of Notes with a team that included Paul Stein (Securities), Jason Arbuck (Financial Services), Pollyanna Lord (Securities), Myroslav Chwaluk (Securities), Laura Shiner (Financial Services), Andrea Rigobon (Securities), and Keri Wallace (Student).  Cassels Brock also represented CSF in the asset purchase transactions with a team that included Marlin Horst (Financial Services) and Jennifer Wasylyk (Financial Services).