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Rent-A-Center finalizes $200 million term loan at Libor plus 450 bps
By Sara Rosenberg
New York, Aug. 2 – Rent-A-Center Inc. firmed pricing on its $200 million seven-year first-lien term loan (Ba3/BB-) at Libor plus 450 basis points, the low end of the Libor plus 450 bps to 475 bps talk, according to a market source.
Also, the original issue discount on the term loan was tightened to 99.5 from 99, the source said.
The term loan still has a 0% Libor floor and 101 soft call protection for six months.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to refinance existing debt and for general corporate purposes.
Rent-A-Center is a Plano, Tex.-based rent-to-own operator.
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