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Conn's, Inc. Announces Closing Of Common Stock Offering

Stocks in this article: CONN

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 closing of its previously announced underwritten registered public offering of 5,500,000 shares of common stock. The Company also announced the exercise in full of the over-allotment option granted to the underwriters by Conn’s with respect to the purchase of an additional 825,000 shares of common stock at a public offering price of $26.75 per share. Of the total 6,325,000 shares of common stock sold, the Company sold 2,233,379 shares and the selling stockholders sold 4,091,621 shares. As a result of the exercise of the over-allotment option, the Company received net proceeds from the offering of approximately $56.2 million, after deducting underwriting discounts and commissions and other estimated 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 the fees and expenses that it incurred in connection with the offering. The Company did 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. acted as joint book-running managers for the offering, and Stifel Nicolaus & Company, Incorporated, Canaccord Genuity Inc. and KeyBanc Capital Markets Inc. acted as co-managers for the offering.

After giving effect to the sale of its shares, the Company re-affirmed its previously announced earnings guidance for the fiscal year ending January 31, 2013, and reduced its guidance for the fiscal year ending January 31, 2014, by $0.05 to between $2.00 and $2.10 per diluted share.

A shelf registration statement relating to the securities described above was declared effective by the Securities and Exchange Commission (the “SEC”) on October 2, 2012. A final prospectus supplement and 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. Copies of the final prospectus supplement 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 prospectus@pjc.com, or by calling (800) 747-3924; or from Stephens Inc., 111 Center Street, Little Rock, AR 72201, by e-mail request to prospectus@stephens.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 been filed with the SEC.

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