Conn's prices secondary offering shares at $26.75

Larry Thomas -- Furniture Today, December 10, 2012

THE WOODLANDS, Texas — Retailer Conn's Inc. said it has priced its secondary offering of common stock at $26.75 per share and boosted the size of the offering by 500,000 shares.

The company said the offering now consists of 5.5 million shares, including about 1.41 million offered by the company and about 4.09 million offered by selling stockholders. Underwriters have been granted an option to purchase up to 825,000 additional shares to cover overallotments.

Conn's, which sells appliances, consumer electronics, furniture and bedding, said it expects to have net proceeds of about $35.2 million from its portion of the offering, after deducting underwriting discounts, commissions and related expenses.

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 company said it expects to close the offering on or about Dec. 12.