PROG Holdings launches $600M notes offering to fund $425M tender offer at $44-$50/share

PROG Holdings, Inc.

Offering $600M aggregate principal amount of senior unsecured notes due 2029 via private placement.
Net proceeds to fund cash tender offer for up to $425M of common stock at $44-$50 per share.
Notes offering not conditioned on tender offer; tender offer requires debt financing of at least $400M.
Revolving credit facility amended to permit expected terms of the notes offering.
Notes will be guaranteed by certain domestic subsidiaries; interest rate set at pricing.

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