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Conn's, Inc. Announces Closing of $669.3 Million Securitization Transaction

(December 20, 2017)

THE WOODLANDS, Texas, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Conn's, Inc. (NASDAQ:CONN) announced that it has closed the $669.3 million securitization transaction announced on December 13, 2017. The offering included (a) three classes of asset-backed fixed rate notes: (i) Class A notes which were rated BBB by Fitch (Fitch Ratings, Inc.) and BBB- by Kroll (Kroll Bond Rating Agency, Inc.), (ii) Class B notes which were rated BB by Fitch and BB- by Kroll, and (iii) Class C notes which were rated B- by Fitch and Kroll; and (b) one class of asset backed pass-through notes, Class R notes, which represent the residual equity. The face amount of the Class A, Class B and Class C notes issued in the securitization was approximately $572.2 million, with an aggregate advance rate of approximately 85.5% of the outstanding customer receivables portfolio balance. Conn's received upfront proceeds of approximately $556.8 million, net of transaction costs and reserves. The all-in cost of funds of the Class A, Class B and Class C notes, including transaction costs, is approximately 5.43%. The Class R notes are being retained by a subsidiary 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 (i) within the United States to persons who are qualified institutional buyers as defined in Rule 144A under the Securities Act of 1933, as amended, and (ii) solely with respect to the Class A Notes, to certain non-U.S. persons in offshore transactions in reliance on Regulation S under such Act. 

About Conn's, Inc. 

Conn's is a specialty retailer currently operating over 116 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:


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