Conn’s, Inc. Announces Cash Tender Offer for Up To $100 Million of its 7.250% Senior Notes due 2022
THE WOODLANDS, Texas, Nov. 30, 2020 (GLOBE NEWSWIRE) -- Conn’s, Inc. (NASDAQ: CONN) (“Conn’s” or the “Company”) today announced that it has commenced a cash tender offer (the “tender offer”) to
purchase up to $100.0 million aggregate principal amount (as it may be increased, the “tender cap”) of its outstanding 7.250% Senior Notes due 2022 (CUSIP Nos. 208242 AB3) (the “notes”). The
tender offer is being made upon the terms and subject to the conditions described in the Company’s 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 (such time and date, the “expiration date”). Tenders of notes may be withdrawn at any time
prior to 5:00 p.m., New York City time, on December 11, 2020 (the “withdrawal deadline”), unless extended by the Company. Notes tendered after the withdrawal deadline may not be withdrawn
thereafter except in certain limited circumstances where additional withdrawal rights are required by law. Holders of notes are urged to carefully read the Offer to Purchase.
Certain information regarding the notes and the terms of the tender offer is summarized in the table below.
Per $1,000 Principal Amount | |||||||||||||||||
Title of Security | CUSIP No. |
Outstanding Principal Amount |
Tender Cap |
Tender Offer Consideration |
Early Tender Payment |
Total Consideration |
|||||||||||
7.250% of Senior Notes due 2022 | 208242 AB3 | $ | 227,000,000 | $ | 100,000,000 | $ | 950.00 | $ | 30.00 | $ | 980.00 |
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Upon the terms and subject to the conditions of the tender offer, holders who validly tender their notes (and do not validly withdraw their notes) prior to 5:00 p.m., New York City time, on December 11, 2020, unless extended by the Company (such time and date, the “early tender deadline”), and whose notes are accepted for purchase, will be entitled to receive $980.00, payable in cash, for each $1,000 principal amount of notes accepted for payment (the “total consideration”), which amount includes an early tender payment of $30.00 per $1,000 principal amount (the “early tender payment”). Holders who validly tender their notes after the early tender deadline but on or prior to the expiration date will be entitled to receive $950.00, payable in cash, for each $1,000 principal amount of notes accepted for purchase (the “tender offer consideration”).