FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Rent-A-Center Announces Intent to Refinance Existing Credit Facility

February 07, 2014, 07:19 AM
Filed Under: Rental News

Rent-A-Center, Inc. announced that, subject to market and other conditions, it anticipates refinancing its current senior credit facility by entering into a new $850 million senior credit facility, consisting of a $350 million term loan and a $500 million revolving credit facility. The Company’s existing $687.5 million credit facility expires July 14, 2016.

The Company expects to complete the transaction in the first quarter of 2014, and intends to repay amounts outstanding under its senior credit facility, currently approximately $348 million, with the proceeds of the new term loan. The Company also stated that in connection with the proposed refinancing, it anticipates obtaining from its existing lenders a waiver under its existing credit agreement to permit the declaration and payment of a dividend for the second quarter of 2014, subject to approval by the Company’s board of directors.

Rent-A-Center, Inc., headquartered in Plano, Texas, is the largest rent-to-own operator in North America, focused on improving the quality of life for its customers by providing them the opportunity to obtain ownership of high-quality durable goods such as consumer electronics, appliances, computers, furniture and accessories, under flexible rental purchase agreements with no long-term obligation. The Company owns and operates approximately 3,205 stores in the United States, Canada, Mexico and Puerto Rico, and approximately 1,325 Acceptance Now kiosk locations in the United States and Puerto Rico.

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.