On March 2, 2017, the Board of Directors (the “Board”) of Rent-A-Center, Inc. (the “Company”), at its regularly scheduled quarterly meeting, designated Steven L. Pepper, a member of the Board since 2013, as the lead independent director of the Board effective immediately. Mark E. Speese, the Chairman of the Board and Interim Chief Executive Officer of the Company, assumed his position as Interim Chief Executive Officer in January of this year. At this meeting, Mr. Speese resigned from his position as a member of the Finance Committee of the Board.

On March 7, 2017, as contemplated by our prior disclosure in our recently filed Annual Report on Form 10-K, the Company made a mandatory $141.9 million payment on the Term Loans, as required by the current Credit Agreement. In the event our Consolidated Total Leverage Ratio exceeds 2.5:1, the Company is required to pay down the Term Loans by a percentage of annual excess cash flow, as defined in the Credit Agreement. To fund the payment, approximately $80 million was borrowed on the previously undrawn revolver and the remainder was funded with cash. This payment does not impact our available liquidity or debt covenants. A similar mandatory excess cash flow payment was made in March 2016 of approximately $27 million.

In addition, the Company continues to make progress on a long term refinance solution that will provide the flexibility and liquidity to support our strategic initiatives.

About RENT-A-CENTER, INC. (NASDAQ:RCII)

Rent-A-Center, Inc. is a rent-to-own operator in North America. The Company provides an opportunity to obtain ownership of products, such as consumer electronics, appliances, computers (including tablets), smartphones and furniture (including accessories), under rental purchase agreements. The Company operates in four segments: Core U.S., Acceptance Now, Mexico and Franchising. Its Core U.S. and Mexico stores generally offer merchandise from over five basic product categories: consumer electronics, appliances, computers (including tablets), smartphones and furniture (including accessories). The Acceptance Now segment provides an on-site rent-to-own option at a third-party retailer’s location. Its Franchising segment engages in the sale of rental merchandise to its franchisees who, in turn, offer the merchandise to the general public for rent or purchase under a rent-to-own transaction. It offers brands, such as LG, Frigidaire, Acer, Apple, Asus, Samsung, Ashley, Powell and Standard.

RENT-A-CENTER, INC. (NASDAQ:RCII) Recent Trading Information

RENT-A-CENTER, INC. (NASDAQ:RCII) closed its last trading session down -0.10 at 8.90 with 1,434,724 shares trading hands.