Conn’s, Inc. has closed its amended and restated $650 million asset-based revolving credit facility.
According to company officials, the company has extended the maturity of the credit line from three years to four years and the amended agreement provides Conn’s with a higher advanced rate on its receivables portfolio.
“The combination of better economic terms and smaller facility size is expected to save more than $1 million per year in interest expense,” said Norm Miller, Conn’s chairman and CEO. “Over the past two years, we have focused on deleveraging our balance sheet, diversifying our sources of capital and reducing our all-in-cost of funds. We have made progress on all three objectives.”