ATLANTA, May 9 /PRNewswire-FirstCall/ -- Aaron Rents, Inc. (NYSE: RNT)
announced today that it plans to offer 4,000,000 shares of its non-voting
Common Stock in an underwritten public offering. The offering will be made
pursuant to Aaron Rents' effective shelf registration statement filed today
with the Securities and Exchange Commission. SunTrust Robinson Humphrey will
serve as the sole book-running manager for the offering, with Morgan Keegan &
Company, Inc. serving as co-lead manager. Stifel Nicolaus, Wachovia
Securities and BB&T Capital Markets will serve as co-managers. Of the total
offering, 3,000,000 shares are being sold by the Company and 1,000,000 shares
are being sold by the Company's Chairman and Chief Executive Officer, R.
Charles Loudermilk, Sr. The net proceeds from the sale of the 3,000,000
shares sold by the Company will be used to repay bank debt and for general
corporate purposes. Aaron Rents and the selling shareholder expect to grant
to the underwriters an option to purchase up to an additional 450,000 and
150,000 shares of Common Stock, respectively, within 30 days after the
offering to cover over allotments.
Aaron Rents, Inc., based in Atlanta, currently has more than 1,225
Company-operated and franchised stores in 46 states, Canada and Puerto Rico
for the rental and sale of consumer electronics, computers, residential and
office furniture, household appliances and accessories. The Company
manufactures furniture, bedding and accessories at 12 facilities in five
states.
These securities may not be sold nor may offers to buy be accepted prior
to delivery of a prospectus, meeting the requirements of the Securities Act of
1933. This press release does not constitute an offer to sell or the
solicitation of any offer to buy any shares of Aaron Rents Common Stock, nor
shall there be any sale of these securities in any jurisdiction in which such
an offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction. When
available, preliminary prospectuses relating to these securities may be
obtained from SunTrust Robinson Humphrey, 3333 Peachtree Road, NE, Atlanta, GA
30326.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act
of 1995: Statements in this news release regarding Aaron Rents, Inc.'s
business which are not historical facts are "forward-looking statements" that
involve risks and uncertainties which could cause actual results to differ
materially from those contained in the forward-looking statements. These
risks and uncertainties include factors such as changes in general economic
conditions, competition, pricing, customer demand and other issues, and the
risks and uncertainties discussed under "Risk Factors" in the Company's Annual
Report on Form 10-K for fiscal 2005, and in the preliminary prospectus to be
used in connection with the planned offering, which discussion is incorporated
herein by this reference. Statements in this release that are "forward-
looking" include without limitation Aaron Rents' projected revenues, earnings,
and store openings for future periods.
SOURCE Aaron Rents, Inc.
/CONTACT: Gilbert L. Danielson, Executive Vice President, Chief Financial
Officer of Aaron Rents, Inc., +1-678-402-3314/
/Web site: http://www.aaronrents.com/
(RNT)