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Conn's Prices Public Offering Of 5.50 Mln Shares At $26.75 Per Share

Conn's Inc. (CONN) announced the pricing of its public offering of 5.50 million shares of its common stock at a price to the public of $26.75 per share. Of the 5.50 million shares of common stock being offered, the company is offering 1.41 million shares and the selling stockholders are offering 4.09 million shares.

The company noted that it has also granted the underwriters a 30-day option to purchase up to an additional 825,000 shares to cover over-allotments, if any. The offering size was increased from 5 million shares to 5.50 million shares at pricing. The additional 500,000 shares are being offered by the selling stockholders. The offering is expected to close on or around December 12, 2012, subject to customary closing conditions.

The company stated that it expects to receive net proceeds from the offering of approximately $35.2 million, after deducting estimated underwriting discounts and commissions and offering expenses.

The company added that it 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 for the fees and expenses that the company incurred in connection with the offering.

The company will not receive any proceeds from the sale of shares of common stock offered by the selling stockholders in the offering.

by RTT Staff Writer

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