Conn’s, Inc. (NASDAQ:CONN) Files An 8-K

Conn’s, Inc. (NASDAQ:CONN), today announced that it has closed on its transaction to sell the Class C Notes issued under the securitization transaction announced on March 21, 2016.

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The face amount of the Class C notes sold is approximately $70.5 million. Conn’s received 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.

About Conn’s, Inc.

Conn’s is a specialty retailer currently operating over 110 retail locations in Alabama, Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee and Texas. The Company’s primary product categories include:

  • Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as both traditional and specialty mattresses;
  • Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
  • Consumer electronics, including LED, OLED, Ultra HD and internet-ready televisions, Blu-ray players, home theater and portable audio equipment; and
  • Home office, including computers, printers and accessories.

Additionally, Conn’s offers a variety of products on a seasonal basis. Unlike many of its competitors, Conn’s provides flexible in-house credit options for its customers in addition to third-party financing programs and third-party rent-to-own payment plans.

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