Rent-A-Center sets Thursday launch for $725 million credit facility

By Sara Rosenberg

New York, June 12 - Rent-A-Center Inc. has scheduled a bank meeting for Thursday to launch its proposed $725 million senior credit facility, according to a market source.

JPMorgan and Lehman are the lead banks on the deal, with JPMorgan the left lead.

The facility consists of $325 million in term loans and a $400 million revolver.

Proceeds will be used to repay existing senior debt, currently $388.9 million outstanding, and for general corporate purposes.

The refinancing is expected to be completed in the third quarter.

Rent-A-Center is a Plano, Texas, operator of company-owned stores in the rent-to-own industry.

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