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Rent-Way plans $215 million senior secured note deal
By Paul Deckelman
New York, May 8 - Rent-Way, Inc. said Thursday that it would sell $215 million of new senior secured notes in what is expected to be a Rule 144A offering.
High yield syndicate sources said that Citigroup would be the bookrunner on the deal, which is expected to roadshow from May 13 through May 21.
The seven-year-notes are expected to be non-callable for the first four years after issue.
Rent-Way, an Erie, Pa.-based operator of 753 rental-purchase stores in 33 states, said that it would use the deal proceeds, along with borrowings under a proposed new revolving bank credit facility, to repay all amounts outstanding to its current bank group.
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