Rent-A-Center readies launch of $200 million term loan for Thursday

By Sara Rosenberg

New York, July 17 – Rent-A-Center Inc. is scheduled to hold a lender call at 10 a.m. ET on Thursday to launch a $200 million seven-year first-lien term loan (BB-), according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 450 basis points to 475 bps with an original issue discount of 99, the source said.

The term loan has 101 soft call protection for six months.

Proceeds will be used to refinance existing debt and for general corporate purposes.

Commitments are due at noon ET on July 31, the source added.

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

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