Conn’s, Inc. Announces Redemption of Notes Under Its 2015-A Securitization Transaction
April 28 2017 - 6:00AM
Business Wire
Conn's, Inc. (NASDAQ:CONN) announced that Conn’s Receivables
Funding 2015-A, LLC (the “Issuer”) has provided a notice to redeem
all of the Notes outstanding under its 2015-A securitization
transaction pursuant to that certain Base Indenture, dated as of
September 10, 2015, as supplemented by that certain Series 2015-A
Supplement, dated as of September 10, 2015 (the “Indenture”),
between the Issuer and Wells Fargo Bank, National Association, as
trustee (in such capacity, the “Trustee”). The Notes will be
redeemed at the redemption price calculated according to the
relevant provisions of the Indenture, as set forth in the
redemption notice issued by the Trustee. The redemption date is May
15, 2017.
About Conn's, Inc.
Conn's is a specialty retailer currently operating over 110
retail locations in Alabama, Arizona, Colorado, Georgia, Louisiana,
Mississippi, Nevada, New Mexico, North Carolina, Oklahoma, South
Carolina, Tennessee and Texas. 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, Ultra HD, and internet-ready 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 lease-to-own payment
plans.
This press release contains forward-looking statements within
the meaning of the federal securities laws, including but not
limited to, 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. 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 customer 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 repurchase program; and
the other risks detailed in the Company's most recent reports filed
with the Securities and Exchange Commission, including but not
limited to, the Company's Annual Report on Form 10-K, the Company's
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 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. All forward-looking
statements attributable to us, or to persons acting on our behalf,
are expressly qualified in their entirety by these cautionary
statements. The Company makes available in the investor relations
section of its website at ir.conns.com updated monthly reports to
the holders of its asset-backed notes. This information reflects
the performance of the securitized portfolio only, in contrast to
the financial statements contained herein, which reflect the
performance of all of the Company's outstanding receivables,
including those originated subsequent to those included in the
securitized portfolio. The website and the information contained on
our website are not incorporated in this or any other document
filed with the SEC.
CONN-G
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170428005179/en/
S.M. Berger & CompanyAndrew Berger, 216-464-6400
Conns (NASDAQ:CONN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Conns (NASDAQ:CONN)
Historical Stock Chart
From Apr 2023 to Apr 2024