Rent-to-own News - Rent-A-Center announces pricing of $300 million offering of 6.5% senior unsecured notes due 2020

Rent-A-Center today announced that it has priced a private offering of $300 million of senior unsecured notes due 2020, which will bear interest at a rate of 6 5/8% per annum.

The Company intends to use $200 million of the net proceeds from the offering to repay term loans under the Company's existing senior secured credit facilities and the remaining net proceeds to repurchase shares of the Company's common stock. The Company anticipates that consummation of the offering will occur on November 2, 2010.

The Company will make the offering pursuant to an exemption under the Securities Act of 1933, as amended (the "Securities Act"). The proposed senior unsecured notes will be offered by the initial purchasers only to qualified institutional buyers in reliance on the exemption from registration set forth in Rule 144A of the Securities Act and outside the United States to non-U.S. persons in reliance on the exemption from registration set forth in Regulation S under the Securities Act, and may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws and foreign securities laws.

This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, any securities, nor shall there be any sales of securities mentioned in this press release in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Rent-A-Center currently operates approximately 3,000 company-owned stores nationwide and in Canada and Puerto Rico. The stores generally offer high quality, durable products such as major consumer electronics, appliances, computers, and furniture and accessories to consumers under flexible rental purchase arrangements 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 franchisor of approximately 200 rent-to-own stores operating under the trade name of "ColorTyme."