The Firm represented J.P. Morgan Securities LLC, as representative of the initial purchasers, in connection with the offering by Rent-A-Center, Inc. (“Rent-A-Center”) of $450 million aggregate principal amount of 6.375% Senior Notes due 2029. The net proceeds of the notes offering will be used, in part, to finance the acquisition of Acima Holdings LLC.
The Firm also represented JPMorgan Chase Bank, N.A., as administrative agent, in providing committed financing for the acquisition, including a new $875 million senior secured term loan credit facility and $550 million ABL facility.
Rent-A-Center is an industry leading omni-channel lease-to-own provider for the credit constrained customer. Rent-A-Center focuses on improving the quality of life for its customers by providing access and the opportunity to obtain ownership of high-quality, durable products via small payments over time under a flexible lease-purchase agreement and no long-term debt obligation.
The Simpson Thacher team included Art Robinson, David Azarkh, John O’Connell, Arielle Trapp and Pia Figuerola (Capital Markets); Jessica Tuchinsky, Brandan Still, Soogy Lee, Andrew Lanius, Dorothy Hector, Patrick Wolff, Dylan Benac, Jordan Chafetz and Collin Hunt (Banking and Credit); Sophie Staples and Eli Shalam (Tax); Andrew Blau and Garrick Ehlers (Executive Compensation and Employee Benefits); Melanie Jolson (Intellectual Property); Michael Isby (Environmental); Keith Noreika and Adam Cohen (Bank Regulatory); and Jennie Getsin (Blue Sky).