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Conn’s begins tender offer up to $100 million of 7¼% notes due 2022
By Taylor Fox
New York, Nov. 30 – Conn’s Inc. has begun a cash tender offer to purchase up to $100 million of its $227 million outstanding 7¼% senior notes due 2022 (Cusip: 208242AB3), according to a news release.
Holders who tender notes prior to the 5 p.m. ET Dec. 11 early tender deadline will be entitled to receive $980 per $1,000 of notes accepted for payment, including an early tender payment of $30 per $1,000 of notes, plus interest.
Holders who tender notes after the early tender deadline but before the 11:59 p.m. ET Dec. 28 expiration deadline will receive $950 per $1,000 of notes, plus interest.
If the tender offer is oversubscribed, the company will accept for purchase tendered notes on a prorated basis.
If the tender offer is fully subscribed as of the early tender deadline, holders who validly tender notes following the early tender deadline will not have any of their notes accepted for payment.
If the tender offer is not fully subscribed as of the early tender deadline but is oversubscribed as of the expiration date, only the notes tendered following the early tender deadline will be prorated.
The offer is subject to the satisfaction or waiver of some conditions.
Tenders may be withdrawn at any time prior to the 5 p.m. ET Dec. 11 withdrawal deadline.
The early payment date is expected to be Dec. 14. The final settlement date is expected to be Dec. 30.
MUFG Securities Americas Inc. (877 744-4523, 212 405-7481) is the exclusive dealer manager.
D.F. King & Co., Inc. (800 317-8033, 212 269-5550; conn@dfking.com) is the tender agent and information agent.
Conn’s is a specialty retailer currently operating 144 retail locations and based in the Woodlands, Texas.
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