UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
July 11, 2000 (July 10, 2000)
Date of Report (Date of earliest event reported)
Rent-Way, Inc.
(Exact name of registrant as specified in its charter)
Pennsylvania 000-22026 25-1407782
State or other jurisdiction Commission File Number(IRS Employer of corporation)
(Identification No.)
One RentWay Place, Erie, Pennsylvania 16505
(Address of principal executive offices) Zip Code
Registrant's telephone number, including area code: (814) 455-5378
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Item 5. Other Events
ERIE, PA -- Rent-Way, Inc. (NYSE: RWY) today announced that it has
amended its existing credit facility to increase the size of the facility to
$435 million. The amended facility consists of approximately $115 million in a
revolving line of credit and approximately $320 million in term loans. The
amended facility is provided through a syndicate of banks led by National City
Bank, Harris Trust and Savings Bank, Bank of Montreal and Bank of America, N.A.
William Morgenstern, Chairman of the Board and Chief Executive Officer
of Rent-Way, commented that "this amended facility enables us to meet the
capital needs of our aggressive growth initiatives. These initiatives include
our recently announced agreement with Gateway, our new store opening plans and
acquisitions. Under the Gateway agreement we are the exclusive supplier of
Gateway computers and technologies in the rental-purchase industry. We are very
encouraged by our initial results in renting Gateway computers in our stores.
This amended facility will ensure that we are in a position to meet what we
anticipate to be substantial demand from our customers for Gateway computers and
related products, including Internet access."
Rent-Way is the second largest rental-purchase company in the United
States with 1,100 stores in 41 states. Rent-Way rents brand name household
products, such as home entertainment equipment, furniture, computers and major
appliances on a week-to-week or month-to-month basis under full service
rental-purchase agreements.
For more information, contact William McDonnell, Vice President and
Chief Financial Officer of Rent-Way at 800-736-8929.
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Rent-Way, Inc.
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(Registrant)
Date July 11, 2000 /s/ William A. McDonnell
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(Signature)
William A. McDonnell
Vice President and Chief Financial Officer
Date July 11, 2000 /s/ Matthew J. Marini
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(Signature)
Matthew J. Marini
Controller and Chief Accounting Officer
