secwatch.observer — SEC 8-K summary
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Issuer:     CONNS INC (—)
CIK:        0001223389
Form:       8-K
Filed at:   2023-12-21T23:59:59+00:00
Accession:  0001193125-23-301204
Event type: m_and_a
Sentiment:  neutral
Materiality: 0.95
Item codes: 1.01, 1.02, 2.01, 2.03, 3.02, 5.02, 5.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Conn's acquires W.S. Badcock LLC; issues convertible preferred stock representing 49.99% of shares
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- Acquired W.S. Badcock LLC via contribution of equity interests; issued 656,848 shares of preferred stock to Newco BHF and 343,152 to FVCM.
- Preferred stock convertible into 24,540,295 shares of non-voting common stock, equal to 49.99% of outstanding common stock post-issue.
- Entered into $108M second-lien term loan (Term SOFR +8.00%, 4.80% floor) to refinance existing Pathlight term loan and for working capital.
- Amended revolving credit facility: maturity extended to Dec. 18, 2026; borrowing base increased to $400M; minimum availability raised to $100M.
- Appointed Norman L. Miller as permanent President and CEO effective Dec. 18, 2023; compensation unchanged from interim role.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1223389/000119312523301204/0001193125-23-301204-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1223389/000119312523301204/d661220d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-301204

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