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CONN's (CONN) Prices 5.5M-Share Offering At Discount

 December 07, 2012 08:10 AM
 


(By Balachander) CONN's Inc. (NASDAQ: CONN) has priced its public offering of 5.5 million shares at $26.75 apiece, a discount of 2.4 percent to the stock's previous closing price.

The retailer of home appliances expects to receive net proceeds of roughly $35.2 million, which it plans to use to repay debt.

The offering size was increased to 5.5 million shares from 5 million shares at pricing.

CONN's is offering roughly 1.41 million shares and the selling stockholders are offering around 4.10 million shares.

In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 825,000 shares to cover over-allotments, if any.

[Related -Warning: These Stocks Are In The Danger Zone]

Piper Jaffray & Co. and Stephens Inc. are joint book-running managers for the offering.

Earlier this week, the retailer of durable consumer products reported a third-quarter profit and it lifted its full-year guidance.

The stock, which has been trading in the 52-week range of $10.00 to $29.23, closed at $27.40 on Thursday.

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