iMedia Announces New Lenders & Expanded $108.5 Million Debt Financing to Accelerate Growth
August 05 2021 - 6:00AM
iMedia Brands, Inc. (“iMedia” or the “Company”) (Nasdaq: IMBI)
announces that on July 30, 2021, the Company closed on a new $108.5
million debt financing comprising a revolving credit facility from
Siena Lending Group and a term note from GreenLake Asset
Management.
The new revolving credit facility led by Siena
provides an $80.0 million commitment. The $28.5 million term note
provided by GreenLake is backed by iMedia’s owned real estate,
which includes its corporate headquarters and production studios
located in Eden Prairie, MN, as well as its warehouse and
fulfillment center centrally located in Bowling Green, KY. Both the
revolving credit facility and term note have three-year terms.
Commenting on the Company’s new lending partners
and expanded debt facility, Tim Peterman, CEO of iMedia Brands,
said: “Success is driven by strong partners who trust each other.
We at iMedia are fortunate to partner with Dave Grende, Siena’s
CEO, and Peter Chang, GreenLake’s CEO. They are the right strategic
lending partners for iMedia to finance its next chapter.”
D.A. Davidson & Co. served as exclusive
financial advisor to the Company in arranging and placing the
financing.
About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading
interactive media company that owns a growing portfolio of
lifestyle television networks, consumer brands, online marketplaces
and media commerce services that together position the Company as a
leading single-source partner to television advertisers and
consumer brands seeking to entertain and transact with customers
using interactive video.
About Siena Lending Group
Siena Lending Group is a leading independent
asset-based lender (ABL) lender and a portfolio company of Business
Development Corporation of America, an affiliate of Benefit Street
Partners L.L.C. (“BSP”). BSP, a leading credit-focused
alternative asset management firm with over $32 billion in assets
under management as of June 30, 2021, is a wholly-owned subsidiary
of Franklin Resources, Inc. Siena is headquartered in Stamford, CT
and was co-founded by President and CEO David Grende. For
further information, please visit
https://www.sienalending.com/.
About GreenLake Asset
Management
GreenLake Asset Management LLC is a direct
lender and alternative asset manager founded in 2008, focused on
delivering superior fixed income products in commercial real
estate. Headquartered in South Pasadena, CA, GreenLake
provides creative and flexible real estate capital solutions
nationwide.
About D.A. Davidson
D.A. Davidson Companies is an employee-owned
financial services firm offering a range of financial services and
advice to individuals, corporations, institutions and
municipalities nationwide. Founded in 1935 and headquartered in
Montana, with corporate offices in Denver, Los Angeles, Portland
and Seattle, the company has approximately 1,400 employees and
offices in 28 states. D.A. Davidson & Co. is a subsidiary
of D.A. Davidson Companies.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This release contains statements, estimates,
projections, guidance or outlooks that constitute “forward-looking”
statements as defined under U.S. federal securities laws.
Generally, the words “believe,” “expect,” “intend,” “estimate,”
“anticipate,” “plan,” “project,” “should” and similar expressions
identify forward-looking statements, which generally are not
historical in nature. These statements may contain information
about our prospects, including anticipated show, event, or product
line launches, and involve risks and uncertainties. We caution that
actual results could differ materially from those that management
expects, depending on the outcome of certain factors.
Contacts:
Media:press@imediabrands.com(800) 938-9707
Investors:Gateway Investor
RelationsCody SlachIMBI@gatewayir.com(949) 574-3860
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