Subsequent Events

6 Months Ended

Jul. 31, 2017

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Initial Financing under Warehouse Financing Transaction. On August 15, 2017, affiliates of the Company closed on the initial financing in the amount of $79.9 million (the "Initial Financing") under that certain receivables warehouse financing transaction entered into on August 8, 2017. The net proceeds of the Initial Financing were used to prepay in full the Class B Notes and Class C Notes, which had been issued by Conn’s Receivables Funding 2016-A, LLC under a securitization transaction entered into on March 17, 2016, that were still outstanding as of August 15, 2017.

Early Redemption of 2016-A Class B Notes and Class C Notes. On August 15, 2017, the Company completed the redemption of its Series 2016-A Class B Notes and Class C Notes (collectively, the "2016-A Redeemed Notes") at an aggregate redemption price of $102.9 million (which was equal to the entire outstanding principal of, plus accrued interest and the call premium on, the 2016-A Redeemed Notes). The net funds used to call the notes was $78.6 million, which is equal to the redemption price less adjustments of $24.3 million for funds held in reserve and collection accounts in accordance with the terms of the applicable indenture governing the 2016-A Redeemed Notes. The difference between the net proceeds of the Initial Financing and the carrying value of the 2016-A Redeemed Notes at redemption was not material.

Hurricane Harvey. On August 25, 2017, Hurricane Harvey made landfall near Port Aransas, Texas as a Category 4 hurricane. As a result of the hurricane and unprecedented levels of rain and flooding, the Company closed 23 of its 116 retail stores, its distribution and service centers in Beaumont and Houston, and its Beaumont corporate office. The Company has since reopened all retail stores, its affected distribution and service centers, and its Beaumont corporate office. In total, the Company lost approximately 100 selling days as a result of the storm. The Company is still in the process of assessing the extent of the impact from this natural disaster, including the potential impact on our collection efforts and receivables portfolio.