Rent-A-Center enters into agreement with Goldman Sachs for $200M repurchase plan

theflyonthewall.com

Rent-A-Center (RCII) announced that it has entered into an agreement with Goldman, Sachs & Co. (GS) to repurchase $200M of the Company's common stock under an accelerated stock buyback program. The Company is purchasing these shares as part of its previously authorized $1.25B common stock repurchase plan. Proceeds from the Company's recently completed debt offering will be used to fund the ASB transaction. Under the agreement, the Company is scheduled to pay $200M to Goldman Sachs on May 7 and to receive approximately 4.6 million shares, currently estimated to represent approximately 80% of the shares expected to be purchased in the ASB transaction.

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