PLANO, Texas--(BUSINESS WIRE)--May. 19, 2009--
Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS:RCII), the nation’s
largest rent-to-own operator, today announced that it has completed the
previously announced redemption of $150,000,000 in aggregate principal
amount of its 7½% Senior Subordinated Notes due 2010 (the “Redemption”)
at a redemption price in the amount of $150,562,500, representing 100%
of the principal amount outstanding, plus accrued interest to the
redemption date (the “Redemption Price”). The Redemption Price was
funded entirely with cash flow generated from operations. Following the
Redemption, approximately $75,375,000 of the Company’s 7½% Senior
Subordinated Notes due 2010 remain outstanding.
Rent-A-Center, Inc., headquartered in Plano, Texas, currently operates
approximately 3,000 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
approximately 220 rent-to-own stores operating under the trade name of
"ColorTyme."
Source: Rent-A-Center, Inc.
Rent-A-Center, Inc.:
David E. Carpenter, 972-801-1214
Vice
President of Investor Relations
david.carpenter@rentacenter.com