Conn’s amends and restates $810 million revolver; maturity extended

By Wendy Van Sickle

Columbus, Ohio, Nov. 2 – Conn’s, Inc. amended and restated its asset-based revolving credit facility, providing for total commitments of $810 million, according to a press release.

The amendment also extends the facility’s maturity to Oct. 30, 2018 from Nov. 25, 2017.

Additionally, a the total leverage ratio covenant was increased to 4 times from 2 times; the fixed-charge coverage ratio covenant was replaced with an interest coverage covenant; and a new minimum liquidity requirement for repurchases of the company’s common stock, notes and other debt pre-payment was added.

The new liquidity requirement and the adjustment to the total leverage ratio are expected to provide Conn’s greater flexibility for repurchases, according to the release.

Conn’s is a Woodlands, Texas-based specialty retailer of furniture, mattresses, home appliances and consumer electronics and a provider of consumer credit.

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