Rent-Way, banks amend credit agreement
By Furniture Today Staff -- Furniture Today, October 14, 2001
ERIE, Pa. — Rent-Way has completed an amendment to its credit agreement and is no longer in forbearance with its bank group. Under terms of the amended agreement, Rent-Way's credit line is about $360 million.
The rent-to-own major's total debt outstanding was about $306 million as of Sept. 30.
William McDonnell, the company's chief financial officer, said, "We are pleased to have this amendment in place and the strong support that the banks have shown us.… As our financial health continues to improve, we will explore opportunities to enhance flexibility and reduce Rent-Way's cost of capital."
William Morgenstern, Rent-Way's chairman and chief executive officer, said, "This business will return to a level of profitability that Rent-Way achieved consistently in 1997 and 1998. Now that we have concluded the bank agreement, we can focus all of our energy on improving profitability and maintaining growth."
Rent-Way rents home entertainment products, computers, furniture and appliances through 1,087 stores in 42 states.
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