ALRENCO COMPLETES OFFERING OF 1.5 MILLION SHARES OF COMMON STOCK AT $21.50 PER SHARE.NEW ALBANY New Albany, city (1990 pop. 36,322), seat of Floyd co., S Ind., near the falls of the Ohio River opposite Louisville, Ky.; inc. 1819. The city was a shipbuilding center in the 19th cent., and the riverboats Robert E. Lee and Eclipse were built there. , Ind.--(BUSINESS WIRE)--Sept. 18, 1996--Alrenco, Inc. (Nasdaq/NM: RNCO) today announced that it has completed the public offering of 1.5 million shares of common stock at a price of $21.50 per share. All of the shares were offered by the Company. Managing underwriters Managing underwriter The leading firm in an underwriting group, which originates the deal and acts as an agent for the group. managing underwriter See lead underwriter. for the offering were Equitable Securities Corporation, Wheat First Butcher Singer and J.J. B. Hilliard, W.L. Lyons, Inc. The net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to Alrenco from the sale of the shares will be used to repay indebtedness, to fund possible future acquisitions and for general corporate purposes. Alrenco, headquartered in New Albany, Indiana New Albany (IPA: [nu ˈɑl.bə.ni]) is a city in Floyd County, Indiana, situated along the Ohio River opposite Louisville, Ky. , operates 119 rental-purchase stores in 15 states offering high quality, brand-name consumer merchandise under flexible rental-purchase agreements, also known as rent-to-own agreements. The Company completed its initial public offering in January of 1996. CONTACT: Alrenco, Inc., New Albany Theodore H. Wilson, 812/949-3370 |
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