Rent-A-Center sets Thursday launch for $750 million credit facility

By Sara Rosenberg

New York, June 22 - Rent-A-Center Inc. has scheduled a bank meeting for Thursday to launch its proposed $750 million senior credit facility, according to a market source.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, Compass Bank and Wells Fargo Securities LLC are the joint lead arrangers and bookrunners on the deal.

The facility consists of $250 million term loan A and a $500 million revolver.

Proceeds will be used to refinance about $358 million of existing senior term debt and replace a $375 million revolver that is set to mature on Sept. 30, 2013.

At close, the company expects to draw about $108 million on the new revolver.

Closing is anticipated to occur in the third quarter.

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

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