UPDATE 1-Rent-A-Center seeks to extend credit facility term

* Looks to address maturities due in 2011 * Intends to extend terms, increase interest rates

* Says expected cash flow enough to meet '10 payments

Nov 2 (Reuters) - Rent-A-Center Inc (RCII.O), a furniture and appliance rental company, said it is seeking approval from its existing lenders to extend the term of its senior secured credit facility.

The company said its expected free cash flow of $125 million to $145 million in fiscal 2010 would be sufficient to meet mandatory principal payments under the senior secured credit facility during the year.

Rent-A-Center, which is looking to address its bullet maturities coming due in 2011, intends to extend the maturity of term loans to consenting lenders and maturity of applicable tranches of revolving commitments and loans, while increasing the interest rates.

The amendments also include maturity date extensions.

As of Sept. 30, senior debt held by the company was $659.1 million, while cash and cash equivalents were $39.9 million, Rent-A-Center said in a regulatory filing last week.

Shares of the Plano, Texas based company were down 6 cents at $18.30 in morning trade Monday on Nasdaq. (Reporting by Viraj Nair in Bangalore; Editing by Gopakumar Warrier)