Upbound Group Enters Material Definitive Agreement
Ticker: UPBD · Form: 8-K · Filed: Jun 10, 2024 · CIK: 933036
Sentiment: neutral
Topics: material-agreement, financial-obligation
TL;DR
Upbound Group just signed a big deal, creating new financial obligations. Details TBD.
AI Summary
Upbound Group, Inc. (formerly Rent-A-Center, Inc.) entered into a material definitive agreement on June 7, 2024. This agreement creates a direct financial obligation for the registrant. The filing does not specify the nature of the agreement or the financial obligation.
Why It Matters
This filing indicates a significant new agreement for Upbound Group, which could impact its financial obligations and future operations.
Risk Assessment
Risk Level: medium — The filing indicates a material definitive agreement and a direct financial obligation, but lacks specific details, creating uncertainty.
Key Players & Entities
- Upbound Group, Inc. (company) — Registrant
- Rent-A-Center, Inc. (company) — Former name of registrant
- June 7, 2024 (date) — Date of earliest event reported
FAQ
What is the nature of the material definitive agreement entered into by Upbound Group, Inc. on June 7, 2024?
The filing does not specify the nature of the material definitive agreement.
What is the direct financial obligation created by this agreement for Upbound Group, Inc.?
The filing states that a direct financial obligation has been created but does not provide specific details about its nature or amount.
What is the exact dollar amount of the financial obligation?
The filing does not disclose the specific dollar amount of the financial obligation.
Does this agreement involve any third parties?
The filing does not mention any specific third parties involved in the agreement.
When was Upbound Group, Inc. formerly known as Rent-A-Center, Inc.?
The filing indicates a former name change date of January 12, 1999, for Renters Choice Inc. to Rent-A-Center Inc., and implies Upbound Group, Inc. is the current entity.
Filing Stats: 636 words · 3 min read · ~2 pages · Grade level 10.5 · Accepted 2024-06-10 07:00:41
Filing Documents
- tm2416761d1_8k.htm (8-K) — 29KB
- tm2416761d1_ex10-1.htm (EX-10.1) — 1332KB
- 0001104659-24-069873.txt ( ) — 1781KB
- rcii-20240607.xsd (EX-101.SCH) — 3KB
- rcii-20240607_lab.xml (EX-101.LAB) — 33KB
- rcii-20240607_pre.xml (EX-101.PRE) — 22KB
- tm2416761d1_8k_htm.xml (XML) — 3KB
01 Entry Into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement. On June 7, 2024, Upbound Group, Inc., a Delaware corporation (the "Borrower"), and certain other subsidiaries of the Borrower entered into an amendment (the "Amendment") of its ABL Credit Agreement, dated as of February 17, 2021 (as amended by the First Amendment to ABL Credit Agreement, dated as of August 10, 2022, 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, extends the maturity date for loans outstanding under the Credit Agreement to June 7, 2029 (subject to certain springing maturity provisions). 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 Second Amendment to ABL Credit Agreement, dated as of June 7, 2024, by and among Upbound Group, Inc., the other Loan Parties party thereto, JPMorgan Chase Bank, N.A., as administrative agent, and the Lenders party thereto. 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: June 10, 2024 By: /s/ Bryan Pechersky Bryan Pechersky Executive Vice President, General Counsel and Corporate Secretary