ARLINGTON, Tex. -- First Cash Inc., which operates a chain of 37 pawnshops, has concluded a $20 million line of credit agreement with Bank One Texas, increasing a previous bank credit facility by $8 million.
The new line matures Dec. 1, 1996. The interest rate was reduced to the prime rate, from prime plus 0.5%.
Banc One Corp.'s Texas subsidiary also extended a $1 million equipment lease credit line.
Rick Powell, chief executive officer of First Cash, said the additional borrowing capacity would support store expansion and provide working capital for existing operations.