Rent-A-Center draws additional $118 million under revolver

By Wendy Van Sickle

Columbus, Ohio, March 26 – Rent-A-Center Inc. drew down an additional $118 million on its revolving credit facility in response to the Covid-19 outbreak, according to a news release.

The borrowings increased cash on the company’s balance sheet to $175 million.

Rent-A-Center has an additional $48 million available under its asset-based revolver, and with the agreement of any lender who chooses to participate and the satisfaction of some other conditions, the revolver may be increased by up to $100 million and its term loan facility may be increased by up to $150 million.

Rent-A-Center is a Plano, Tex.-based rent-to-own operator.

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