Rent-A-Center $100 million add-on roadshow starts Thursday

By Paul A. Harris

St. Louis, Mo., Dec. 4 - Rent-A-Center, Inc. will hit the road Dec. 6 with the roadshow for a $100 million add-on to its 11% senior subordinate notes due Aug. 15, 2008 (B1/B), a syndicate source told Prospect News.

The source identified J.P. Morgan as the bookruner, Morgan Stanley as joint lead manager and Bear Stearns & Co. and Lehman Brothers as co-managers.

According to the syndicate source the roadshow is set to run from Dec. 6-12, with pricing to take place Dec. 12.

The original offering was $175 million.

The Rule 144A notes are callable on Aug. 15, 2003 at 105.5, then at 103.667, 101.833, declining to par on Aug. 15, 2006. The equity claw expired earlier in the year.

According to a Tuesday press release, the proceeds will be used to repay approximately $30 million in term loans, repurchase approximately $34.7 million of the company's common stock from its former chairman and chief executive officer and for general corporate purposes.

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