Conn’s, Inc. announces closing of amended and restated $650 Million credit facility

Published 10:36 am Wednesday, May 30, 2018

To The Leader
THE WOODLANDS, Texas (GLOBE NEWSWIRE) — Conn’s, Inc. (NASDAQ:CONN), a specialty retailer of furniture and mattresses, home appliances, consumer electronics and home office products, and provider of consumer credit, announced today the closing of its amended and restated $650 million asset-based revolving credit facility (the “Amended Credit Facility”).

“We are extremely pleased to announce the closing of our Amended Credit Facility.  In addition to extending the maturity to four years from three years, the Amended Credit Facility provides us with a higher advance rate on our receivables portfolio.  The combination of better economic terms and smaller facility size is expected to save over $1 million per year in interest expense,” stated Norm Miller, Conn’s Chairman and Chief Executive Officer.  “Over the past two years, we have focused on deleveraging our balance sheet, diversifying our sources of capital and reducing our all-in-cost of funds.  We have made progress on all three objectives.  As a result, we have proactively reduced our Amended Credit Facility size to $650 million which still provides ample capacity to execute our growth strategies.”

“We are pleased with the terms of the Amended Credit Facility and encouraged by the continued strong support from our lenders in completing this transaction,” concluded Mr. Miller.

Additional details on the Amended Credit Facility may be found in the Form 8-K which will be filed today with the Securities and Exchange Commission.

About Conn’s, Inc.
Conn’s is a specialty retailer currently operating 118 retail locations in Alabama, Arizona, Colorado, Georgia, Louisiana, Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South Carolina, Tennessee, Texas and Virginia.  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, QLED, 4K Ultra HD, and smart 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 lease-to-own payment plans.