These
funds will initially replace shorter term borrowings under
our revolving credit agreement and will provide additional
financial resources to enable us to continue the rapid
growth of the Company
R. Charles Loudermilk, Sr., Chairman and
CEO
The debt consists of 5.03% senior unsecured notes due July
2012, with interest only payments the first two years followed
by annual $12 million principal repayments plus interest for the
next five years.
"This private placement of debt, our second in the past three
years, gives us additional long-term debt financing at
historically low borrowing rates," said R. Charles Loudermilk,
Sr., Chairman and Chief Executive Officer of Aaron Rents. "These
funds will initially replace shorter term borrowings under our
revolving credit agreement and will provide additional financial
resources to enable us to continue the rapid growth of the
Company," Mr. Loudermilk added.
