March 21, 2010 (FinancialWire) — Conn’s, Inc. (NASDAQ: CONN ) said it has completed amendments to its asset based loan and securitization borrowing facilities, providing it relief from potential covenant violations as of January 31, 2010.

The agreements replaced the leverage ratio with a covenant based on liabilities to tangible net worth and lowered the minimum fixed charge coverage ratio requirement for the twelve-month periods ended January 31, and April 30, 2010.

Conn’s said that, in addition to the covenant changes, the cost of borrowings under the asset based loan and securitization revolving credit facilities was increased, and the commitment levels and maturity dates for the securitization revolving facility were reduced.

Currently, the total commitment provided under the company’s securitization revolving facility is $200 million, and will be reduced to $170 million in April 2010, and then to $130 million in April 2011.

The ultimate maturity date on the securitization revolving facility was changed to August 2011, from September 2012. The amendment to the securitization facility also included certain changes in the servicing requirements if specific performance measurements are not maintained.

Texas-based Conn’s is a specialty retailer currently operating 76 retail locations in Texas, Louisiana and Oklahoma. The company sells home appliances, and a range consumer electronics. The company provides flexible in-house credit options for its customers. In the last three years, Conn’s said it financed, on average, around 61% of its retail sales.

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