Upbound extends term loan to 2032, adds $77M debt

Upbound Group, Inc. amended its existing term loan credit agreement on August 19, 2025.

Rhea-AI Filing Summary

Upbound Group, Inc. amended its existing term loan credit agreement on August 19, 2025. The amendment extends the maturity date of the loans outstanding under the credit agreement to August 19, 2032, subject to certain springing maturity provisions. It also adds approximately $77 million of incremental term loan commitments, all of which were drawn on the closing date, bringing total aggregate borrowings under the credit agreement to $875 million.

Upbound plans to use the incremental proceeds to pay fees and expenses related to the amendment and for working capital and other general corporate purposes, which may include repaying a portion of the loans outstanding under its revolving credit facility. The amendment is documented in the Fourth Amendment to the Term Loan Credit Agreement, which is filed as an exhibit.

Insights

Credit & capital structure analyst

Upbound extends term loan to 2032 and adds $77M in new borrowings, modestly reshaping its debt profile.

Upbound Group has modified its term loan, pushing the maturity of the existing facility out to August 19, 2032. Extending maturities generally gives a company more time to manage repayments and reduces near-term refinancing pressure, though the specific covenant and pricing changes are contained in the full amendment.

The amendment provides approximately $77 million of incremental term loan commitments, which were fully drawn, taking total borrowings under the agreement to $875 million. The company states that proceeds will cover amendment-related fees and expenses, working capital, and other general corporate purposes, with potential repayment of part of its revolving credit facility.

From a capital structure perspective, this shifts some reliance toward the term loan while possibly freeing capacity on the revolver. The net effect on leverage and liquidity depends on how much of the revolver, if any, is repaid and on the loan’s revised pricing and covenants, which are set out in the Fourth Amendment dated August 19, 2025.

8-K Event Classification

3 items: 1.01, 2.03, 9.01

3 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did Upbound Group (UPBD) change in its term loan on August 19, 2025?

On August 19, 2025, Upbound Group entered into a Fourth Amendment to its Term Loan Credit Agreement, extending the maturity date of the loans and adding new incremental term loan commitments.

How much new debt did Upbound Group (UPBD) add under the amended credit agreement?

The amendment provides approximately $77 million of incremental commitments under the term loan credit agreement, all of which were drawn on the closing date.

What is the new maturity date of Upbound Group’s term loan after the amendment?

The loans outstanding under Upbound Group’s term loan credit agreement now mature on August 19, 2032, subject to certain springing maturity provisions.

What are Upbound Group’s total borrowings under the term loan after this amendment?

After drawing the incremental commitments, total aggregate borrowings under Upbound Group’s term loan credit agreement are $875 million as of the closing date.

How does Upbound Group intend to use the $77 million of incremental term loan proceeds?

Upbound intends to use the incremental term loan proceeds to pay fees and expenses related to the amendment and for working capital and other general corporate purposes, which may include repaying a portion of the outstanding loans under its revolving credit facility.

Where can investors find the full details of Upbound Group’s term loan amendment?

The full terms are contained in the Fourth Amendment to Term Loan Credit Agreement, filed as Exhibit 10.1 to the report and incorporated by reference.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 08/19/2025 - 04:33 PM Learn about SEC filing dates

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report:

(Date of earliest event reported)

August 19, 2025

UPBOUND GROUP, INC.

(Exact name of registrant as specified in charter)

Delaware
(State or other jurisdiction of
incorporation or organization) 001-38047
(Commission
File Number) 45-0491516
(IRS Employer
Identification No.)

5501 Headquarters Drive

Plano, Texas 75024

(Address of principal executive offices and zip code)

(972) 801-1100

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $.01 Par Value		UPBD		The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ¨

Item 1.01 Entry Into a Material Definitive Agreement.

On August 19, 2025 (the “Closing Date”), Upbound Group, Inc., a Delaware corporation (the “Borrower”), and certain other subsidiaries of the Borrower entered into an amendment (the “Amendment”) of its Term Loan Credit Agreement, dated as of February 17, 2021 (as amended by the First Amendment to Term Loan Credit Agreement, dated as of September 21, 2021, as amended by the Second Amendment to Term Loan Credit Agreement, dated as of June 15, 2023, as amended by the Third Amendment to Term Loan Credit Agreement, dated as of May 28, 2024 and as further amended by the Amendment, the “Credit Agreement”), among the Borrower, the other Loan Parties party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Agent”).

The Amendment, in addition to certain other changes, (i) extends the maturity date for the loans outstanding under the Credit Agreement to August 19, 2032 (subject to certain springing maturity provisions) and (ii) provides approximately $77 million of incremental commitments under the Credit Agreement, all of which were drawn on the Closing Date, resulting in total aggregate borrowings under the Credit Agreement on such date of $875 million. The Borrower intends to use the proceeds of the incremental borrowings on the Closing Date to pay fees and expenses in connection with the Amendment and for working capital and other general corporate purposes, which may include the repayment of a portion of the outstanding loans under the Borrower’s revolving credit facility. Capitalized terms used in this Item 1.01 but not otherwise defined herein have the meanings assigned to them in the Credit Agreement.

The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information in Item 1.01 of this Current Report is incorporated by reference into this Item 2.03.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1		Fourth Amendment to Term Loan Credit Agreement, dated as of August 19, 2025, by and among Upbound Group, Inc., the other Loan Parties party thereto, the Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UPBOUND GROUP, INC.
Date: August 19, 2025	By:	/s/ Bryan Pechersky
		Bryan Pechersky
		Executive Vice President, General Counsel and Corporate Secretary