ValueVision Expands PNC Credit Facility, Extends Term
ValueVision Media announced it has increased the size of its credit facility with PNC Bank from $40 million to $50 million and has extended the facility’s maturity to five years through May 1, 2018. The existing three-year facility was scheduled to mature February 9, 2015.
The company said the expanded facility carries the same interest rate of LIBOR plus 3%. The credit facility is secured by ValueVision’s and its subsidiaries’ accounts receivable, equipment, inventory, and certain real estate as well as other assets. The facility will be used to finance inventory and other working capital needs as well as capital expenditures designed to support the continued growth of the business.
Minneapolis, MN-based ValueVision Media operates ShopNBC, a multichannel electronic retailer that enables customers to shop via TV, phone, Internet and mobile devices and to interact via the ShopNBC website as well as Facebook, Twitter and YouTube.