ATLANTA (AFX) - Furniture rental and rent-to-own company Aaron Rents Inc. said Monday that underwriters of its recent four-million-share public offering have exercised their overallotment option to purchase an additional 450,000 common shares.
The underwriters also purchased an added 150,000 common shares from R. Charles Loudermilk, Sr., the company's CEO and selling shareholder. The 600,000 shares were purchased at the public offering price of $25.75 per share, less an underwriting discount of about $1.29 per share.
SunTrust Robinson Humphrey is the sole book-running manager for the offering, and Morgan Keegan & Co. is co-lead manager. Stifel Nicolaus, Wachovia Securities and BB&T Capital Markets are co-managers.
Aaron Rents has more than 1,230 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 makes furniture, bedding and accessories at 12 facilities in five states.
Shares closed earlier down 83 cents, or nearly 3 percent, at $27.38 on the New York Stock Exchange.
Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.