PLANO, Texas--(BUSINESS WIRE)--Oct. 24, 2013--
Rent-A-Center, Inc. (the “Company”) (NASDAQ/NGS: RCII) today announced
that it has completed its $200 million accelerated stock buyback
program, which was previously announced on May 2, 2013.
Under the terms of the accelerated stock buyback agreement, Goldman,
Sachs & Co. will have delivered a total of 5,409,339 shares to the
Company at an average price of $36.97 per share, representing
approximately 9.4% of the total shares outstanding when the program
commenced.
The accelerated stock buyback program was completed under the Company’s
previously authorized $1.25 billion common stock repurchase plan. The
Company has $255.2 million remaining on this authorization.
Rent-A-Center, Inc., headquartered in Plano, Texas, is the largest
rent-to-own operator in North America, focused on improving the quality
of life for its customers by providing them the opportunity to obtain
ownership of high-quality, durable goods such as consumer electronics,
appliances, computers, furniture and accessories, under flexible rental
purchase agreements with no long-term obligation. The Company owns and
operates approximately 3,140 stores in the United States, Canada, Mexico
and Puerto Rico, and approximately 1,255 RAC Acceptance kiosk locations
in the United States and Puerto Rico. Rent-A-Center Franchising
International (previously ColorTyme, Inc.), a wholly owned subsidiary of
the Company, is a franchisor of approximately 215 rent-to-own stores
operating under the trade name of “Rent-A-Center” or “ColorTyme.”
Source: Rent-A-Center, Inc.
Rent-A-Center, Inc.
David E. Carpenter, 972-801-1214
Vice
President of Investor Relations
david.carpenter@rentacenter.com