The Woodlands, Texas – Multiregional appliance, bedding and CE chain Conn’s has increased its credit line by $75 million, to $525 million, as it prepares to embark on a new multi-state build-out.
The new revolving loan facility, which is backed by a consortium of lenders including Bank of America, JPMorgan Chase, Union Bank, Merrill Lynch, Compass Bank and Capital One, also extends the maturity date out to September 2016.
Conn’s also filed a shelf statement with the Securities & Exchange Commission (SEC) earlier this month that will allow it to sell up to $150 million in company stock as needed.
The 65-store appliance, bedding and CE chain plans to enter the new markets of Arizona and New Mexico over the next two years as part of a 17-store expansion, and said it will extend into additional states in 2015.
The new stores, along with some 14 remodels planned for this year, will likely follow the company’s new HomePlus format, which is larger and more furniture-focused than previous showroom designs.