JPMorgan Chase Closes ICTL Facility
International Commercial Television (ICTL), a direct response marketing and branding company focused on the health and beauty sector, announced that effective July 2, 2014, it closed on a one-year $500,000 credit facility with JPMorgan Chase Bank.
The company has no plans to utilize the facility, but will have access to it for working capital and other general corporate purposes as needed.
The facility contains certain customary covenants including negative covenants that require JPMorgan Chase’s consent to, among other things, pay dividends, incur secured indebtedness, restructure or merge, make investments and acquisitions, and other matters customarily restricted under a facility loan agreement. It also requires the company to maintain prescribed levels of liquidity and EBITDA.
ICTV also announced it entered into a payment processing agreement with JP Morgan Chase Bank’s merchant payment processing provider Chase Paymentech, effective September 1, 2014. In addition, ICTV will utilize JPMorgan Chase Bank for all of its treasury requirements domestically and internationally.
Richard Ransom, ICTV’s president, stated, “We are very pleased to announce our partnership with JPMorgan Chase and are excited to see the benefits from an operational and cost savings perspective of having one service provider for our banking and payment processing functions. While we are pleased with our current working capital and liquidity situation, it is great to have the option to access short-term financing as the company continues to enter new markets and introduce new products. We’re excited to build upon our relationship with JPMorgan Chase as ICTV continues to grow.”
International Commercial Television sells various health and beauty products through infomercials and other channels primarily in the U.S.