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Conn's raises $56.2 million in secondary offering

THE WOODLANDS, Texas — Retailer Conn's Inc. said it completed a secondary offering of common stock Wednesday that netted the company about $56.2 million.

The offering of 6.33 million shares, including an over-allotment option of 825,000 shares granted to the underwriter, was priced at $26.75 per share. About 2.23 million shares were sold by the company, while about 4.09 million were sold by existing stockholders.

Conn's said it intends to use most of the net proceeds to repay debt.

The selling shareholders primarily are affiliated with the investment firm Stephens Inc., which owned about 22.3% of Conn's stock as of Nov. 29, the company said in a filing with the Securities and Exchange Commission.

The offering was jointly managed by Stephens Inc. and Piper Jaffray & Co. Co-managers were Stifel Nicolaus & Co., Canaccord Genuity, and KeyBanc Capital Markets.

Conn's, which sells electronics, appliances, furniture and mattresses, operates 68 stores in five states. The company has 58 stores in Texas, six on Louisiana, two in Oklahoma, one in New Mexico and one in Arizona.

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