Conn’s, Inc. (NASDAQ:CONN), a specialty retailer of home appliances, furniture, mattresses, consumer electronics and provider of consumer credit (“Conn’s” or the “Company”), today announced the pricing of its public offering of 5,500,000 shares of its common stock at a price to the public of $26.75 per share. Of the 5,500,000 shares of common stock being offered, the Company is offering 1,408,379 shares and the selling stockholders are offering 4,091,621 shares. The Company has also granted the underwriters a 30-day option to purchase up to an additional 825,000 shares to cover over-allotments, if any. The offering size was increased from 5,000,000 shares to 5,500,000 shares at pricing. The additional 500,000 shares are being offered by the selling stockholders. The offering is expected to close on or around December 12, 2012, subject to customary closing conditions.
The Company expects to receive net proceeds from the offering of approximately $35.2 million, after deducting estimated underwriting discounts and commissions and offering expenses. The Company intends to use the net proceeds from the offering primarily for the repayment of debt under the Company’s asset-based loan facility and to pay for the fees and expenses that the Company incurred in connection with the offering. The Company will not receive any proceeds from the sale of shares of common stock offered by the selling stockholders in the offering.
Piper Jaffray & Co. and Stephens Inc. are joint book-running managers for the offering, and Stifel Nicolaus & Company, Incorporated, Canaccord Genuity Inc., and KeyBanc Capital Markets Inc. are co-managers for the offering.
The securities described above are being offered pursuant to a shelf registration statement previously filed with and declared effective by the Securities and Exchange Commission (the “SEC”) on October 2, 2012. A preliminary prospectus supplement and the accompanying prospectus relating to these securities have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website. Copies of the preliminary prospectus supplement, the final prospectus supplement (when available) and the accompanying prospectus relating to these securities may also be obtained from Piper Jaffray & Co., 800 Nicollet Mall, J12S03, Minneapolis, MN 55402, by e-mail request to firstname.lastname@example.org, or by calling (800) 747-3924; or from Stephens Inc., 111 Center Street, Little Rock, AR 72201, by e-mail request to email@example.com, or by calling (501) 377-2130.This press release shall not constitute an offer to sell or the solicitation of an offer to buy, these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering may be made only by means of a prospectus and a related prospectus supplement, which have or will be filed with the SEC.