Item 1.01 Entry into a Material Definitive Agreement
On January 19, 2024, Conn's, Inc. (the "Company"), Conn's Receivables Funding 2024-A, LLC, a newly formed special purpose entity that is indirectly owned by the Company (the "Issuer"), Conn Appliances Receivables Funding, LLC, an indirect wholly owned subsidiary of the Company (the "Depositor"), and Conn Appliances, Inc., a direct and wholly owned subsidiary of the Company ("Conn Appliances"), entered into a Note Purchase Agreement (the "Note Purchase Agreement") with MUFG Securities Americas Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Regions Securities LLC (collectively, the "Initial Purchasers"), for the sale of the Issuer's 7.05% $133,490,000 Asset Backed Fixed Rate Notes, Class A, Series 2024-A (the "Class A Notes"), 9.80% $98,120,000 Asset Backed Fixed Rate Notes, Class B, Series 2024-A (the "Class B Notes") and 10.34% $27,760,000 Asset Backed Fixed Rate Notes, Class C, Series 2024-A (the "Class C Notes" and, together with the Class A Notes and the Class B Notes, the "Purchased Notes"). The Issuer will also issue the Asset Backed Notes, Class R, Series 2024-A (the "Class R Notes" and, collectively with the Purchased Notes, the "Series 2024-A Notes") The Class R Notes will be retained by the Depositor on the Closing Date. The Class R Notes will not have a principal amount or interest rate and will be transferred to the Depositor on the Closing Date to satisfy the risk retention obligations of Conn Appliances. It is anticipated that the Series 2024-A Notes will be issued on or about January 26, 2024 (the "Closing Date"). The Series 2024-A Notes have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act") or the securities laws of any jurisdiction. The Purchased Series 2024-A Notes are being sold initially to the Initial Purchasers and then reoffered and resold only (i) to "Qualified Institutional Buyers" as defined in Rule 144A under the Securities Act ("Rule 144A") in transactions meeting the requirements of Rule 144A or (2) solely with respect to the Class A Notes, outside the United States to non-U.S. Persons in transactions in compliance with Regulation S under the Securities Act.
Attached as Exhibit 1.1 is the Note Purchase Agreement.
Attachments
Disclaimer
Conn's Inc. published this content on 24 January 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 January 2024 21:09:16 UTC.