Rent-A-Center intends to get new $850 million credit facility

By Sara Rosenberg

New York, Feb. 6 - Rent-A-Center Inc. is planning on getting a new $850 million senior credit facility, according to a news release.

The facility consists of a $350 million term loan and a $500 million revolver.

Proceeds will be used to refinance an existing $687.5 million credit facility that expires July 14, 2016, under which about $348 million is outstanding.

Closing is expected this quarter.

In connection with the refinancing, the company expects to get a waiver under its existing credit agreement to permit the declaration and payment of a dividend for the second quarter, subject to approval by its board of directors.

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

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