Conn's, Inc. Announces Expiration of the Consent Solicitation for Its 7.250% Senior Notes Due 2022
The Notes are governed by the Indenture, dated as of July 1, 2014 (as
supplemented or amended, the "Indenture"), by and among the Company, as
issuer, certain subsidiary guarantors party thereto and
(1) Change the restricted payments provisions under the Indenture by
(a) amending, from
(2) Amend, from
Adoption of the Part I Amendments required the receipt of valid consents from a majority in principal amount of the outstanding Notes. At the Expiration Time, the Company had received valid consents (that were not revoked) to the Part I Amendments from holders of 98.78% of the aggregate principal amount of outstanding Notes. As such, sufficient consents were received to approve the Part I Amendments.
Adoption of the Part II Consents required the adoption of the Part I Amendments and the receipt of valid consents from all holders of the outstanding Notes. Consents to the Part II Amendments from holders of 97.53% of the outstanding Notes were validly delivered and not revoked at the Expiration Time. The Part II Amendments were not approved.
D. F. King & Co., Inc. served as Information Agent and Tabulation Agent.
About Conn's, Inc.
Conn's is a specialty retailer currently operating approximately 100
retail locations in
- 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 LCD, LED, 3-D and Ultra HD 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.
This press release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 that
involve risks and uncertainties. Such forward-looking statements
include information concerning the Company's future financial
performance, business strategy, plans, goals and objectives. Statements
containing the words "anticipate," "believe," "could," "estimate,"
"expect," "intend," "may," "plan," "project," "should," or the negative
of such terms or other similar expressions are generally forward-looking
in nature and not historical facts. Although we believe that the
expectations, opinions, projections, and comments reflected in these
forward-looking statements are reasonable, we can give no assurance that
such statements will prove to be correct, and actual results may differ
materially. A wide variety of potential risks, uncertainties, and
other factors could materially affect the Company's ability to achieve
the results either expressed or implied by the Company's forward-looking
statements including, but not limited to: general economic conditions
impacting the Company's customers or potential customers; the Company's
ability to execute periodic securitizations of future originated loans
including the sale of any remaining residual equity on favorable terms;
the Company's ability to continue existing customer financing programs
or to offer new customer financing programs; changes in the delinquency
status of the Company's credit portfolio; unfavorable developments in
ongoing litigation; increased regulatory oversight; higher than
anticipated net charge-offs in the credit portfolio; the success of the
Company's planned opening of new stores; technological and market
developments and sales trends for the Company's major product offerings;
the Company's ability to protect against cyber-attacks or data security
breaches and to protect the integrity and security of individually
identifiable data of the Company's customers and employees; the
Company's ability to fund its operations, capital expenditures, debt
repayment and expansion from cash flows from operations, borrowings from
the Company's revolving credit facility, and proceeds from accessing
debt or equity markets; the ability to continue the Company's stock
repurchase program; and the other risks detailed in the Company's most
recent
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Source: Conn's, Inc.
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