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CONN - Conn's Inc News Story

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Consumer Cyclicals
Mid Cap
Market Cap £456.7m
Enterprise Value £893.1m
Revenue £1.01bn
Position in Universe 3287th / 6848

Conn’s, Inc. Announces Early Results of Tender Offer for 7.250% Senior Notes due 2022

Mon 14th December, 2020 1:00pm
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THE WOODLANDS, Texas, Dec. 14, 2020 (GLOBE NEWSWIRE) -- Conn’s, Inc.
(NASDAQ: CONN) (“Conn’s” or the “Company”) today announced the early
results of its previously announced cash tender offer (the “tender offer”)
to purchase up to $100.0 million (the “Aggregate Maximum Tender Amount”)
aggregate principal amount of outstanding 7.250% senior notes due 2022 (the
“notes”). The terms and conditions of the tender offer are set forth in
the Offer to Purchase, dated November 30, 2020 (the “Offer to Purchase”).
The tender offer will expire at 11:59 p.m., New York City time, on December
28, 2020, unless extended or earlier terminated by Conn’s.

As of 5:00 p.m., New York City time, on December 11, 2020 (such time and date,
the “Early Tender Deadline”), according to information provided by D.F.
King & Co., Inc., the tender and information agent for the tender offer, the
aggregate principal amount of the notes set forth in the table below under
“Principal Amount Tendered at Early Tender Deadline” had been validly
tendered and not validly withdrawn in the tender offer. Withdrawal rights for
the notes expired at 5:00 p.m., New York City Time, on December 11, 2020.

 Title of Security                CUSIP No.   Outstanding             Early Tender      Principal Amount        
                                              Principal Amount        Payment           Tendered at Early       
                                                                      (per $1,000)      Tender Deadline         
 7.250% of Senior Notes due 2022  208242 AB3  $          227,000,000  $        30.00    $           85,774,000  

The total consideration for each $1,000 principal amount of notes tendered and
not validly withdrawn at or prior to the Early Tender Deadline and accepted
for purchase pursuant to the tender offer is $980.00 (the “total
consideration”), which amount includes an early tender payment of $30.00.
Only holders of notes who validly tendered and did not validly withdraw their
notes at or prior to the Early Tender Deadline are eligible to receive the
total consideration for the notes accepted for purchase. In addition, holders
whose notes are purchased in the tender offer will receive accrued and unpaid
interest from the most recent interest payment date for the notes to, but not
including, the payment date.

It is anticipated that the payment date for the notes validly tendered and
accepted for purchase at or prior to the Early Tender Deadline will be
December 15, 2020, subject to change without notice.

Any holder who tenders its notes after the Early Tender Deadline may not
withdraw their tender of notes, except as required by law.

Conn’s obligation to accept for purchase and to pay for the notes validly
tendered and not validly withdrawn pursuant to the tender offer is subject to
the satisfaction or waiver of certain conditions, which are more fully
described in the Offer to Purchase. The complete terms and conditions of the
tender offer are set forth in the Offer to Purchase. Holder of the notes are
urged to read the Offer to Purchase carefully.

MUFG Securities Americas Inc. is acting as exclusive dealer manager for the
tender offer. The tender agent and information agent for the tender offer is
D.F. King & Co., Inc. Questions regarding the tender offer may be directed to
MUFG Securities Americas Inc. at (877) 744-4523 (Toll-Free) or (212) 405-7481.
Holders who would like additional copies of the offer documents may call the
tender agent and information agent, D.F. King & Co., Inc., at (800) 317-8033
(Toll-Free) or (212) 269-5550, by email at

This press release is for informational purposes only and does not constitute
an offer to sell, or a solicitation for an offer to purchase any security,
including the notes. The tender offer is being made solely by means of the
Offer to Purchase, which sets forth the complete terms and conditions of the
tender offer. The tender offer is not being made to holders of notes in any
jurisdiction in which the making or acceptance thereof would not be in
compliance with the securities, blue sky or other laws of such jurisdiction.

About Conn’s, Inc.

Conn’s is a specialty retailer currently operating 144 retail locations in
Alabama, Arizona, Colorado, Florida, 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, 8K and smart
televisions, gaming products and home theater and portable audio equipment;
* 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.

Forward-Looking Statements

This press release contains forward-looking statements, that involve risks and
uncertainties. Such forward-looking statements include information concerning
the tender offer. Statements containing the words “anticipate,”
“believe,” “could,” “estimate,” “expect,” “intend,”
“may,” “plan,” “project,” “should,” “predict,” “will,”
“potential,” or the negative of such terms or other similar expressions
are generally forward-looking in nature and not historical facts. Such
forward-looking statements are based on our current expectations. 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 our ability to achieve the results
either expressed or implied by our forward-looking statements, including, the
risks detailed in Part I, Item 1A, Risk Factors, in our Annual Report on Form
10-K for the fiscal year ended January 31, 2020 and other reports filed with
the Securities and Exchange Commission. If one or more of these or other risks
or uncertainties materialize (or the consequences of such a development
changes), or should our underlying assumptions prove incorrect, actual
outcomes may vary materially from those reflected in our forward-looking
statements. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this press
release. We disclaim any intention or obligation to update publicly or revise
such statements, whether as a result of new information, future events or
otherwise, or to provide periodic updates or guidance. All forward-looking
statements attributable to us, or to persons acting on our behalf, are
expressly qualified in their entirety by these cautionary statements.

S.M. Berger & Company

Andrew Berger (216) 464-6400


GlobeNewswire, Inc. 2020
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