Rent-A-Center, Inc. Announces Apollo Management, L.P. Sale of 7,218,571 Rent-A-Center Shares
Rent-A-Center, Inc. (the "Company") (NASDAQ/NNM:RCII), the nation's largest rent-to-own operator, today announced the sale by certain affiliates of Apollo Management, L.P. ("Apollo") of all of their remaining 7,218,571 shares of common stock of the Company. The closing of the sale is expected to occur on or about May 31, 2005. The Company will not receive any of the proceeds from the sale of the shares by Apollo.
Lehman Brothers Inc. is serving as underwriter for the offering. When available, copies of the prospectus supplement and accompanying prospectus (together, the "Prospectus") may be obtained from Lehman Brothers Inc. c/o ADP Financial Services, Prospectus Fulfillment, 1155 Long Island Avenue, Edgewood, NY 11717.
The shares will be sold pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering of these securities is made only by means of the Prospectus.
Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates 2,864 company-owned stores nationwide and in Canada and Puerto Rico. The stores generally offer high-quality, durable goods such as major consumer electronics, appliances, computers and furniture and accessories under flexible rental purchase agreements that generally allow the customer to obtain ownership of the merchandise at the conclusion of an agreed upon rental period. ColorTyme, Inc., a wholly owned subsidiary of the Company, is a national franchiser of 308 rent-to-own stores, 296 of which operate under the trade name of "ColorTyme," and the remaining 12 of which operate under the "Rent-A-Center" name.
SOURCE: Rent-A-Center, Inc.
Rent-A-Center, Inc., Plano
David E. Carpenter, 972-801-1214
dcarpenter@racenter.com