PNC, The PrivateBank Ups EVINE Facility
EVINE Live increased the size of its facility to $90 million from $75 million. The facility is with EVINE’s existing bank PNC Bank, and in conjunction with a new partner, The PrivateBank, a subsidiary of PrivateBancorp.
The facility is comprised of a $75 million revolving credit line and a $15 million term loan. The extra capacity on the revolver will be used to finance working capital needs to support the continued growth of the business. This amendment to the agreement also provides an accordion feature that would allow the Company to expand the size of the revolving line of credit by another $15 million upon certain conditions being met. The interest rates and maturity date of the credit facility remain the same.
William McGrath, EVP & CFO of EVINE Live, said, “PNC is a valued partner of EVINE Live who has played an important role in supporting our business. We are also pleased with the support and new partnership of The PrivateBank. The expanded facility improves our liquidity and better positions us to support continued growth.”
EVINE Live is a digital commerce company.