Conn's Announces Repayment of Term Loan

Conn's, Inc. CONN today announced that it repaid the entire balance of its $100 million second lien term loan on July 28, 2011. The Company successfully completed the repayment of the term loan with proceeds from a new real estate loan and borrowings under its expanded revolving credit facility. As a result, the Company will reduce its interest expense by approximately $11.9 million annually, or $0.24 per diluted share, based on current LIBOR rates. Additionally, the Company will record a pretax charge of approximately $11.0 million due to the payoff, related to the write-off of unamortized original issue discount and deferred financing fees, and the payment of the required prepayment premium.