ValueVision Secures $40 Million Credit Facility With PNC Bank
ValueVision Media, Inc., a multichannel electronic retailer operating as ShopNBC announced it has secured a $40 million, lower-cost revolving credit facility with PNC Bank.
Loans under the new revolving credit facility will bear an interest rate of LIBOR plus 3% per annum. Proceeds will be used to fund the retirement of the company’s existing 11% per annum, $25 million term loan and the payment of an approximately $12.4 million deferred payment obligation to a TV distribution provider during Q1/12.
The company has also renewed three TV distribution agreements while securing savings of approximately $15 million in annual TV distribution expense commencing January 2013 through the early renewal of its largest TV distribution agreement. In addition, ValueVision announced anticipated sales results for its fiscal 2011 fourth quarter (Q4) and full year ended January 28, 2012.
ValueVision Media, Inc. operates ShopNBC, a multichannel electronic retailer that enables customers to interact and shop via TV, Internet, mobile devices, Facebook, Twitter and YouTube.