Capital One Leverage Finance Closes $12 Million for Hanover Direct
Capital One Leverage Finance Corp., a subsidiary of Capital One, announced it closed a three-year $12 million revolving credit facility to Hanover Direct, Inc., a direct marketer of quality branded merchandise with a portfolio of consumer-facing catalogs and e-commerce platforms. Proceeds of the facility were used to refinance existing debt and to fund ongoing working capital needs.
“We are very pleased to establish a relationship with Capital One Leverage Finance,” said Don Kelley, CEO of Hanover Direct, Inc. “The team’s expertise and commitment to finding the best solution for our business set the bank apart. This new line of credit will help us optimize our capital structure to achieve short and long-term growth strategies and we look forward to a continuing this partnership with Capital One Leverage Finance as we begin 2012.”
Based in Weehawken NJ, Hanover Direct, Inc. is comprised of a catalog and e-commerce website portfolio of home fashion, apparel and gift brand including: Domestications, The Company Store, Company Kids, Silhouettes, Undergear and Scandia Down.
“Capital One Leverage Finance is dedicated to providing solutions that meet the unique financing needs of our clients and we look forward to partnering with Hanover Direct, Inc. to support its growth strategy,” said Michael Burns, senior vice president and Asset-Based Lending regional manager of Capital One Leverage Finance. “To help Hanover Direct continue to be a market leader, our team is determined to assist the company by providing the liquidity to execute its business objectives.”