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Conn’s, Inc. (NASDAQ:CONN), a specialty retailer of home appliances, furniture, mattresses, consumer electronics and provider of consumer credit, today announced that it completed an expansion of its existing asset-based syndicated loan facility that matures November 2017 and that Bank of Texas has joined the facility.
The revolving facility commitment increased $30.0 million to $880.0 million with the additional financial partner and increased commitment levels within the existing syndicate of banks.
The lenders in the syndicated facility include 17 commercial banks: Bank of America, N.A.; JPMorgan Chase Bank, N.A.; Regions Bank; Union Bank, N.A.; Capital One, N.A.; Compass Bank; Amegy Bank; First Tennessee Bank National Association; City National Bank; Synovus Bank; Whitney Bank; Amalgamated Bank; BOKF, NA DBA Bank of Texas; Cole Taylor Bank; Cathay Bank; Israel Discount Bank of New York and Green Bank, N.A. The syndication was arranged through Bank of America, N.A.
About Conn’s, Inc.
Conn’s is a specialty retailer operating more than 75 retail locations in Texas, Louisiana, Arizona, Oklahoma and New Mexico. The company’s primary product categories include:
Home appliance, including refrigerators, freezers, washers, dryers, dishwashers and ranges;
Furniture and mattress, including furniture and related accessories for the living room, dining room and bedroom, as well as both traditional and specialty mattresses;
Consumer electronic, including LCD, LED, 3-D, Ultra HD and plasma televisions, Blu-ray players, home theater and video game products, digital cameras, and portable audio equipment; and
Home office, including computers, tablets, printers and accessories.
Additionally, Conn’s offers a variety of products on a seasonal basis. Unlike many of its competitors, the company provides flexible in-house credit options for its customers in addition to third-party financing programs and third-party rent-to-own payment plans.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements include information concerning our 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. Although we believe that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, we can give no assurance that such statements will prove to be correct. 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, but not limited to: general economic conditions impacting our customers or potential customers; our ability to continue existing or offer new customer financing programs; changes in the delinquency status of our credit portfolio; increased regulatory oversight; higher than anticipated net charge-offs in the credit portfolio; the success of our planned opening of new stores and the updating of existing stores; technological and market developments and sales trends for our major product offerings; our ability to protect against cyberattacks or data security breaches and protect the integrity and security of individually identifiable data of our customers and our employees, our ability to fund our operations, capital expenditures, debt repayment and expansion from cash flows from operations, borrowings from our revolving credit facility, and proceeds from accessing debt or equity markets; and the other risks detailed in our SEC reports, including but not limited to, our Annual Report on Form 10-K. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, we are not obligated to publicly release any revisions or update to these forward-looking statements to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.