The Firm represented J.P. Morgan, Goldman Sachs, BofA Merrill Lynch, BB&T Capital Markets and Citi in an offering of $300 million aggregate principal amount of 6.625% Senior Notes due 2020 issued by Rent-A-Center, Inc. The offering was conducted in reliance upon Rule 144A and Regulation S under the Securities Act of 1933, as amended. Rent-A-Center, Inc. will use a portion of the proceeds of the offering to repay outstanding indebtedness under its senior credit facilities and will use the remaining proceeds for general corporate purposes, including for the repurchase of its outstanding shares of common stock.
Rent-A-Center, Inc. is the largest rent-to-own operator in America. Its stores offer high-quality, durable consumer goods under rental purchase agreements that generally allow the customer to obtain ownership of the merchandise at the conclusion of the rental period.
The Simpson Thacher team for this transaction included: Stephan Feder, Rafael Berckholtz and Qi Yue (Capital Markets), Joyce Xu (Capital Markets -- Stock Repurchase), Chang Won Choi (Tax), Brian Robbins and Tyler Andersen (Executive Compensation and Employee Benefits), Mindy Lok and Joseph Nord (Intellectual Property), Heesun Kang (Real Estate), George Wang and Fadi Hanna (Litigation) and Andrew Pagliughi (Blue Sky). Paralegal Alexandra Leavy also provided invaluable assistance.