Rent-A-Center To Initiate Quarterly Dividend, Stock Rises
Zacks Investment Research | Jun 28, 2019 04:50AM ET
Rent-A-Center, Inc. (NASDAQ:RCII) is focusing on boosting investor value through several growth initiatives and shareholder-friendly moves. To this end, the company announced initiation of quarterly cash dividend of 25 cents after completion of the refinancing of revolving credit facility and outstanding senior notes. The first quarterly cash dividend is anticipated to be announced in September and will be due in October.
With regard to refinancing, the company is likely to sign contracts of new credit facilities, replacing the existing revolving credit facility. These refinancing proceeds, along with cash on hand, will be used to redeem the senior unsecured notes maturing in 2020 and 2021.
Markedly, shares of this Plano, TX-based company increased approximately 3% after this announcement on Jun 27. In the past three months, shares of this Zacks Rank #1 (Strong Buy) company have rallied roughly 23% outperforming the Zacks Investment Research
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