Conn’s, Inc. (NASDAQ:CONN), today announced that it has entered into an agreement to sell the Class C Notes issued under the securitization transaction announced on March 21, 2016, with closing expected on or about October 12, 2016.
The face amount of the Class C notes to be sold is approximately $70.5 million. Conn’s will receive upfront proceeds with respect to those notes of approximately $71.5 million, net of transaction costs. The Class C Notes were issued with a 12% coupon rate. The residual equity will continue to be retained by an affiliate of the Company.
The notes will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. The notes will be offered only within the United States to persons who are qualified institutional buyers as defined in Rule 144A under the Securities Act. This press release shall not constitute an offer to sell or the solicitation of any offer to buy nor shall there by any sale of the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful under the laws of such jurisdiction.
