Rent-A-Center Refinances

Rent-A-Center ( RCII), a rent-to-own operator, announced Thursday the completion of the previously announced refinancing of its senior secured debt. The new $725 million senior credit facility includes $325 million in term loans and a $400 million revolving credit facility. The Plano, Texas-based company drew down the $325 million in term loans and $88 million of the revolving facility and used the proceeds to repay its existing senior term debt.

"We believe this enhanced revolving structure will provide us financial flexibility by allowing us to scale our secured debt as we continue to grow our core rent-to-own business and expand our entry into the financial services business," the company said.

This story was created through a joint venture between TheStreet.com and IRIS.

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