Aaron Rents gets $140 million revolver

By Sara Rosenberg

New York, May 30 - Aaron Rents Inc. closed on a $140 million five-year unsecured revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission.

SunTrust acted as the arranger, bookrunner and administrative agent on the deal that was completed on May 23.

Pricing on the revolver can range from Libor plus 87.5 basis points to 150 bps and there is a commitment fee that can range from 15 bps to 30 bps, depending on total debt to EBITDA.

Financial covenants include a minimum net worth ratio, a minimum ratio of debt to EBITDA and a minimum fixed charge coverage ratio.

Proceeds were used to refinance the company's previous revolver.

As of May 29, $118 million was drawn under the revolver.

Aarons Rent is an Atlanta-based specialty retailer of consumer electronics, computers, residential and office furniture, household appliances and accessories.

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