Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: Shares of DFC Global (UNKNOWN:DLLR.DL), a provider of short-term loans and pawn loans to underbanked people and communities, dropped as much as 14% after withdrawing a $650 million proposed debt offering.

So what: Under normal circumstances, cancelling a debt offering might be viewed in positive light as taking on debt is rarely seen as optimal -- at least in the eyes of shareholders. But this proposed $650 million offering was going to be used to essentially refinance an existing senior loan, which comes due in 2016 and currently boasts an interest rate of 10.375% -- ouch! According to DFC Global, it cancelled the tender offer due to "current market conditions."

Now what: I would normally hint that this seems like a bit of an overreaction to pulling its bond offering, but to be unable or unwilling to refinance existing debt with a rate above 10% in this environment seems worrisome. In addition, DFC's most recent quarterly report (and the report prior to that) points to a weakening business. Its check cashing, money transfers, purchased gold, and overall consumer-lending revenue were down noticeably. The stock is certainly inexpensive on a forward basis, but I believe DFC Global has a lot of kinks it still needs to work through before it gets back on track.

Fool contributor Sean Williams has no material interest in any companies mentioned in this article. You can follow him on CAPS under the screen name TMFUltraLong, track every pick he makes under the screen name TrackUltraLong, and check him out on Twitter, where he goes by the handle @TMFUltraLong.

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