We are advising the lead arranger, initial lender and administrative agent on the financing

Davis Polk is advising the lead arranger, initial lender and administrative agent in connection with a £299 million term loan that will be available to FirstCash to support its proposed takeover of H&T Group plc. H&T is listed on the London Stock Exchange. It is intended that the acquisition will be implemented by means of a court-sanctioned scheme of arrangement under Part 26 of the Companies Act. The transaction implies an enterprise value of H&T of approximately £351 million.

FirstCash is an international operator of pawn stores with more than 3,000 pawn stores in 29 U.S. states and the District of Columbia and in Latin America, which includes all the states in Mexico and the countries of Guatemala, Colombia and El Salvador. FirstCash sells a wide variety of jewelry, electronics, tools, appliances, sporting goods, musical instruments and other merchandise, and make small non-recourse pawn loans secured by pledged personal property.

H&T is the U.K.’s largest pawnbroker and a leading retailer of high-quality new and pre-owned jewelry and watches. With 285 stores across the U.K., H&T provides a range of transparent and accessible financial products tailored for a customer base which has limited access to, or is excluded from, the traditional banking sector.

The Davis Polk finance team includes partners Kenneth J. Steinberg, Nick Benham and Aaron Ferner, counsel Phil Anscombe and associates Jeffrey (Man To) Hon, Megha Mehrotra and Elizabeth N. Hadley. The capital markets team includes partner Michael Kaplan and associate Claudia Carvajal Lopez. Members of the Davis Polk team are based in the New York and London offices.

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