Upbound Group Enters Material Definitive Agreement
Ticker: UPBD · Form: 8-K · Filed: May 29, 2024 · CIK: 933036
Sentiment: neutral
Topics: material-agreement, financial-obligation
Related Tickers: UPBD
TL;DR
UPBD signed a big deal, new financial obligation incoming.
AI Summary
Upbound Group, Inc. (formerly Rent-A-Center, Inc.) entered into a material definitive agreement on May 28, 2024. This agreement involves a direct financial obligation for the registrant. The filing also includes financial statements and exhibits related to this event.
Why It Matters
This filing indicates a significant new financial commitment or transaction for Upbound Group, which could impact its financial standing and future operations.
Risk Assessment
Risk Level: medium — Entering into material definitive agreements and new financial obligations can introduce financial risks and operational changes that warrant careful monitoring.
Key Players & Entities
- UPBOUND GROUP, INC. (company) — Registrant
- RENT A CENTER INC (company) — Former company name
- RENTERS CHOICE INC (company) — Former company name
- May 28, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Upbound Group, Inc.?
The filing states that Upbound Group, Inc. entered into a material definitive agreement on May 28, 2024, which constitutes the creation of a direct financial obligation or an obligation under an off-balance sheet arrangement.
What was Upbound Group, Inc. formerly known as?
Upbound Group, Inc. was formerly known as RENT A CENTER INC and RENTERS CHOICE INC.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing was on May 28, 2024.
What is the primary business of Upbound Group, Inc. according to its SIC code?
According to its Standard Industrial Classification (SIC) code, Upbound Group, Inc. is in the Services-Equipment Rental & Leasing, NEC industry.
What is the SEC file number for Upbound Group, Inc.?
The SEC file number for Upbound Group, Inc. is 001-38047.
Filing Stats: 723 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-05-29 07:33:08
Filing Documents
- tm2415723d1_8k.htm (8-K) — 29KB
- tm2415723d1_ex10-1.htm (EX-10.1) — 1033KB
- 0001104659-24-065830.txt ( ) — 1451KB
- rcii-20240528.xsd (EX-101.SCH) — 3KB
- rcii-20240528_lab.xml (EX-101.LAB) — 33KB
- rcii-20240528_pre.xml (EX-101.PRE) — 22KB
- tm2415723d1_8k_htm.xml (XML) — 3KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement. On May 28, 2024, Upbound Group, Inc., a Delaware corporation (the "Borrower"), and certain other subsidiaries of the Borrower entered into an amendment (the "Amendment") of its Term Loan Credit Agreement, dated as of February 17, 2021 (as amended by the First Amendment to Term Loan Credit Agreement, dated as of September 21, 2021, as amended by the Second Amendment to Term Loan Credit Agreement, dated as of June 15, 2023, and as further amended by the Amendment, the "Credit Agreement"), among the Borrower, the other Loan Parties party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the "Agent"). The Amendment, in addition to certain other changes, effects a repricing of the Applicable Margin that applies to term loans under the Credit Agreement by reducing the Applicable Margin with respect to any Initial Term Loans by 50 basis points from 3.25% to 2.75% in the case of any Term Benchmark Loans or RFR Loans and by 50 basis points from 2.25% to 1.75% in the case of any ABR Loans. In addition, the credit spread adjustment that was previously included in the calculation of the Adjusted Term SOFR Rate for Term Benchmark Loans was removed. Capitalized terms used in this Item 1.01 but not otherwise defined herein have the meanings assigned to them in the Credit Agreement. The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.
03 Creation of a Direct Financial Obligation
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant The information in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description 10.1 Third Amendment to Term Loan Credit Agreement, dated as of May 28, 2024, by and among Upbound Group, Inc., the other Loan Parties party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. UPBOUND GROUP, INC. Date: May 29, 2024 By: /s/ Bryan Pechersky Bryan Pechersky Executive Vice President, General Counsel and Corporate Secretary