Rent-A-Center pays down all ABL credit facility borrowings

By Sara Rosenberg

New York, June 29 – Rent-A-Center Inc. repaid all borrowings under its ABL credit facility as of June 5, according to a news release.

As previously disclosed, in March, as a precautionary measure given the uncertainty from the Covid-19 pandemic, the company drew about $118 million against its ABL facility to enhance financial flexibility and increase available cash on hand. The company has now repaid all funds drawn on the facility for a total debt paydown of $163 million.

Following the repayment, the company is projected to end the second quarter with about $195 million of cash on hand and total liquidity of around $405 million.

Rent-A-Center is a Plano, Texas-based rent-to-own operator.

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