tiprankstipranks
Conn’s Secures Funds Through Asset-Backed Note Sale
Company Announcements

Conn’s Secures Funds Through Asset-Backed Note Sale

Conn’s (CONN) has released an update to notify the public and investors about an entry into a material definitive agreement.

Pick the best stocks and maximize your portfolio:

On January 26, 2024, Conn’s, Inc. affiliates completed a securitization transaction involving the private sale of various Asset Backed Fixed Rate Notes, maturing in 2029 with values and interest rates ranging from $133,490,000 at 7.05% to $27,760,000 at 10.34%. Secured by a portfolio of customer receivables valued at approximately $353.6 million, the proceeds of $252.5 million will be used for corporate purposes and debt repayment. The instruments were rated by Fitch Ratings and are supported by credit enhancements, with the potential for future sale of retained Class R Notes. The transaction entailed a series of sales and contributions of customer contracts through a specially created trust and entity, with a servicing agreement for managing the receivables.

For further insights into CONN stock, check out TipRanks’ Stock Analysis page.

For a comprehensive understanding of the announcement, you can read the full document here.

Related Articles
TheFlyTwo new option listings and two option delistings on August 6th
TheFlyConn’s seeks Chapter 11 protection in Texas, Bloomberg reports
TheFlyConn’s to close roughly 100 stores ahead of possible bankruptcy, Bloomberg says
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App