Rent-Way $215 million seven-year notes talked at 12% area, pricing Wednesday

By Paul A. Harris

St. Louis , May 20 - Rent-Way, Inc.'s $215 million of seven-year senior secured notes are talked at a yield in the 12% area, according to an informed source.

The deal is expected to price on Wednesday, the source added.

Citigroup is the bookrunner on the Rule 144A transaction.

The notes are non-callable for four years.

Proceeds will be used to help repay bank debt.

Rent-Way is an Erie, Pa.-based rental-purchase store operator.

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