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.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.