iMedia Brands closed on a new $108.5 million debt financing consisting of a revolving credit facility from Siena Lending Group and a term note from GreenLake Asset Management.
The new revolving credit facility led by Siena provides for an $80 million commitment. The term note from GreenLake covers the remaining $28.5 million. The term note is backed by iMedia’s owned real estate, including its corporate headquarters and production studios located in Eden Prairie, MN, as well as its warehouse and fulfillment center in Bowling Green, KY. Both the revolving credit facility and term note have three-year terms.
“Success is driven by strong partners who trust each other,” Tim Peterman, CEO of iMedia Brands, said. “We at iMedia are fortunate to partner with Dave Grende, Siena’s CEO, and Peter Chang, GreenLake’s CEO. They are the right strategic lending partners for iMedia to finance its next chapter.”
D.A. Davidson served as exclusive financial advisor to iMedia Brands in arranging and placing the financing.
