iMedia Brands Announces Pricing of $75.0 Million Senior Notes Offering
September 23 2021 - 5:49PM
iMedia Brands, Inc. (NASDAQ: IMBI) today announced the pricing of
an underwritten public offering of $75.0 million in aggregate
principal amount of 8.50% senior notes due 2026 (the “Notes”). In
addition, iMedia Brands has granted the underwriters a 30-day
option to purchase up to an additional $5.0 million aggregate
principal amount of Notes. The offering is expected to close on or
about September 28, 2021, subject to customary closing conditions.
The Notes will be the senior unsecured
obligations of iMedia Brands, Inc. The Notes will pay interest
quarterly in arrears on March 31, June 30, September 30 and
December 31, beginning on December 31, 2021, at a rate of 8.50% per
year, and will mature on September 30, 2026.
iMedia Brands intends to use the net proceeds
from the offering to fund the closing cash purchase price and
transaction costs related to its pending and previously announced
acquisition of 1-2-3.tv Group, and any remaining proceeds for
working capital and general corporate purposes, which may include
certain post-closing payments related to the 1-2-3.tv Group
acquisition.
In connection with the Offering, the Company has
received preliminary approval to list the Notes on the Nasdaq
Global Market (the “Nasdaq”) under the symbol “IMBIL.” Trading on
the Nasdaq is expected to commence within 30 days after the Notes
are first issued. iMedia Brands and this issuance of Notes received
a rating of BB from Egan-Jones Ratings Company, an independent,
unaffiliated rating agency.
B. Riley Securities, Inc., D.A. Davidson &
Co., Ladenburg Thalmann & Co. Inc. and InspereX LLC will act as
joint book-running managers for the offering. Aegis Capital Corp.,
Alexander Capital L.P., Newbridge Securities Corporation, Revere
Securities LLC and B. C. Zeigler & Company will act as
co-managers for the offering.
A shelf registration statement on Form S-3 (File
No. 333-258519) relating to the offering of the Notes
described above was filed with the Securities and Exchange
Commission (the “SEC”) on August 5, 2021 and declared effective by
the SEC on August 12, 2021. The Notes may be offered only by means
of a prospectus. A preliminary prospectus supplement and
accompanying prospectus relating to and describing the terms of the
offering was filed with the SEC on September 22, 2021. A final
prospectus supplement and accompanying prospectus relating to and
describing the terms of the offering will be filed with the SEC and
made available on the SEC’s website at www.sec.gov. Copies of the
final prospectus supplement and accompanying prospectus relating to
the offering may also be obtained, when available, by contacting B.
Riley Securities, Inc., 1300 North 17th Street, Suite 1300,
Arlington, Virginia 22209, email: prospectuses@brileyfin.com,
telephone: (703) 312-9580.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy any of these
securities, nor will there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale is not permitted.
About iMedia
Brands, Inc.
iMedia Brands, Inc. and its subsidiaries 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.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995
This press release contains certain
“forward-looking statements.” Any statements contained herein that
are not statements of historical fact, including statements
regarding the proposed offering, are forward-looking. The Company
often uses words such as anticipates, believes, estimates, expects,
intends, seeks, predicts, hopes, should, plans, will and similar
expressions to identify forward-looking statements. These
statements are based on management’s current expectations and
accordingly are subject to uncertainty and changes in
circumstances. Actual results may vary materially from the
expectations contained herein due to various important factors,
including (but not limited to), risks and uncertainties
associated with market conditions and the timing, size and
completion of this offering, the consummation and success of the
proposed acquisition of 1-2-3.tv Group and the ability to achieve
the expected benefits thereof, and the risks identified under Item
1A (Risk Factors) in the Company’s most recently filed Form 10-K
and any additional risk factors identified in its periodic reports
since the date of such Form 10-K, including risk factors set forth
in Exhibit 99.5 of the Form 8-K filed by the Company on September
22, 2021. Investors are cautioned not to place undue reliance
on forward-looking statements, which speak only as of the date of
this announcement. The Company is under no obligation (and
expressly disclaims any such obligation) to update or alter its
forward-looking statements whether as a result of new information,
future events or otherwise.
Contacts:
Investors: Gateway Investor
Relations Cody SlachIMBI@gatewayir.com (949) 574-3860
Media:press@iMediabrands.com
(800) 938-9707
iMedia Brands (NASDAQ:IMBI)
Historical Stock Chart
From Aug 2024 to Sep 2024
iMedia Brands (NASDAQ:IMBI)
Historical Stock Chart
From Sep 2023 to Sep 2024