Rent-A-Center looking to price $250 million of notes at 8%-8½%

By Paul A. Harris

St. Louis, April 23 - Rent-A-Center, Inc. hopes to price $250 million of new senior subordinated notes due 2010 in the 8%-8½% range, according to David E. Carpenter, director of investor relations for the Plano, Tex. durable goods rental services firm.

Lehman Brothers will run the books on the deal, according to a market source. However Carpenter declined to confirm that information.

Nor would he comment on the timing of the new deal, proceeds from which will be used to fund a tender offer for company's 11% senior subordinated notes of 2008.

"We don't have timing on the deal at this point," Carpenter told Prospect News, adding that the tender offer expires on May 20.

Carpenter said the new seven-year senior subordinated notes would likely be callable in "the three-to-four year range."

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.