Rent-A-Center driving by with $450 million eight-year secured notes; initial talk 7%-7¼%

By Paul A. Harris

Portland, Ore., Feb. 4 – Rent-A-Center, Inc. plans to price a $450 million offering of eight-year senior secured notes (B2/B) in a Thursday drive-by trailing a late-morning conference call with investors, according to market sources.

Initial talk has the deal coming to yield 7% to 7¼%

J.P. Morgan Securities LLC, Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are the joint bookrunners.

The Rule 144A and Regulation S for life notes come with three years of call protection.

The Plano, Tex.-based furniture and appliance rent-to-own company plans to use the proceeds plus a draw on its asset-based revolver and a new term loan to fund its merger with Acima Holdings, LLC.

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