Rent-A-Center calls remaining 11% '08 notes for redemption

New York, June 17 - Rent-A-Center, Inc. (B1/B+) said that it will redeem all $84.455 million of its remaining outstanding 11% series D senior subordinated notes due 2008.

The redemption, by the company's wholly-owned Rent-A-Center East Inc. subsidiary, will take place on Aug. 15, the first date on which the notes are eligible for redemption. The notes will be redeemed at a redemption price of price of 105.5% of the principal amount, plus unpaid interest accrued up to the redemption date. Interest will cease to accrue on the notes on and after Aug. 15.

The company will fund the redemption using the remaining proceeds of its $300 million sale of new 7½% senior subordinated notes due 2010, which took place on May 1.

The trustee for the notes - The Bank of New York - will serve as the paying agent, and will send out formal notice of the upcoming redemption to all noteholders in accordance with the terms of the indenture.

AS PREVIOUSLY ANNOUNCED: Rent-A-Center, a Plano, Texas-based rental purchase store operator, said on April 23 that Rent-A-Center East was tendering for all $272.25 million principal amount of its 11% notes then outstanding, at a price of 107.5% of the principal amount of notes tendered plus accrued interest for notes submitted by an early tender deadline and 105.5% of the principal amount plus accrued interest for notes submitted subsequently.

It set an early tender deadline of April 30, and said the tender offer would expire at midnight ET on May 20.

The company also announced its intention of calling on Aug. 15 any notes left outstanding after the tender offer.

The company said it would finance the tender with proceeds from a planned $250 million note issue and cash on hand. On May 1, Rent-A-Center sold an upsized $300 million Rule 144A offering of the new 7½% notes.

It said on May 6 that $182.545 million of the 11% notes had been tendered by their holders under the early tender provisions of the tender offer and were subsequently purchased by the company. The settlement date for the early tender (which expired as scheduled at 5 p.m. ET on April 30) was May 6. The company made no subsequent public announcement regarding the tender offer.

The tender offer dealer manager was Lehman Brothers Inc. (contact Darrell Chiang at 800-438-3242 or 212-528-7581) and the information agent was D.F. King & Co., Inc. (call 800-848-3416 or 212- 269-5550).

Worldwide Flight Services redeeming 12¼% '07 notes

New York, June 17 - Worldwide Flight Services Inc. said it will redeem its $38.452 million of outstanding 12¼% series B senior notes due 2007 on Aug. 15.

The Irvine, Texas-based company said in a filing with the Securities and Exchange Commission that the notes will be redeemed at the redemption price of 106.125% of the principal amount of notes redeemed plus accrued and unpaid interest on the notes up to the redemption date (i.e., $1,061.25 per $1,000 principal amount, plus interest). Interest will cease to accrue on the notes at and after the redemption date.

infoUSA calls $30.75 million 9½% notes

New York, June 17 - infoUSA, Inc. said it will redeem $30.75 million of its 9½% senior subordinated notes on July 21 at the call price of 104.75% of par.

The Omaha, Neb. marketing information company said that since its May 29 announcement that it intends to redeem the bonds it has purchased $31.23 million on the open market at a price of 104.75.

After the redemption, $30.02 million of the notes will remain outstanding.

infoUSA said it plans to redeem more bonds in the future.

Shopko buys back $1.5 million notes

New York, June 16 - Shopko Stores, Inc. said it bought back $1.5 million principal amount of its senior unsecured notes due 2004 in the fiscal first quarter.

The company said in a filing with the Securities and Exchange Commission that it has a total of $147.5 million principal amount of senior unsecured notes maturing between August 2003 and November 2004 out of its total $247.5 million senior unsecured notes outstanding.

The Green Bay, Wis. company said it plans to fund the retirement of the notes due August 2003 through a combination of operating cash flow and available borrowings under the secured credit facility.

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