Rent-A-Center driving by with $250 million eight-year senior notes; pricing Monday

By Paul A. Harris and Aleesia Forni

Virginia Beach, Va., April 29 - Rent-A-Center Inc. plans to hit Monday's market with a $250 million issue of eight-year senior notes (expected ratings Ba3/BB-), according to a market source.

An investor call is scheduled for 11 a.m. ET. The deal is pricing Monday.

J.P. Morgan Securities LLC and Goldman Sachs & Co. are the joint bookrunners.

BofA Merrill Lynch, Wells Fargo Securities LLC, BB&T Capital Markets and Citigroup Global Markets Inc. are the co-managers.

The Rule 144A and Regulation S with registration rights notes will be callable in three years at par plus 75% of the coupon.

Proceeds will be used for general corporate purposes, including stock repurchases and the repayment of the company's revolver.

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

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