EZCORP Announces Upsize and Pricing of Private Offering of $200,000,000 of Convertible Senior Notes Due 2029

EZCORP, Inc. (NASDAQ: EZPW) (the “Company”), a leading provider of pawn transactions in the United States and Latin America, announced today the pricing of its private offering of $200,000,000 aggregate principal amount of its convertible senior notes due 2029 (the “Convertible Notes”). The offering was upsized from the previously announced offering size of $175,000,000 aggregate principal amount of Convertible Notes. The Convertible Notes were offered in a private offering to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). The Company granted an option to the initial purchasers to purchase, for settlement within a 13-day period from, and including, the date on which the Convertible Notes are first issued, up to an additional $30,000,000 aggregate principal amount of Convertible Notes. The sale of the Convertible Notes is expected to close on December 12, 2022, subject to customary closing conditions.

The Convertible Notes will bear interest at a rate of 3.75% per annum, payable semiannually in arrears on June 15 and December 15 of each year, beginning on June 15, 2023, and will be convertible into cash, shares of the Company’s Class A common stock or a combination thereof, at the Company’s election. The Convertible Notes have an initial conversion rate of 89.0313 shares of the Class A common stock per $1,000 principal amount of the Convertible Notes (which is equal to an initial conversion price of approximately $11.23 per share of the Company’s Class A common stock), representing an initial conversion premium of approximately 30% above the closing price of $8.64 per share of the Company’s Class A common stock on December 7, 2022. The conversion rate is subject to adjustment in certain circumstances.

The Convertible Notes will mature on December 15, 2029, unless earlier converted, redeemed or repurchased in accordance with their terms prior to such date. Prior to June 15, 2029, the Convertible Notes will be convertible at the option of the holder only upon the occurrence of certain events and during certain periods, and thereafter, will be convertible at the option of the holder at any time prior to the close of business on the business day immediately preceding the maturity date.