Siena Lending Group closed a previously announced $80 million credit facility with iMedia Brands. In addition to the $80 million asset-based revolving credit facility, Siena arranged a $28.5 million term loan secured by company-owned real estate, which was completed in conjunction with Siena’s loan. iMedia used the new three-year credit facilities totaling $108.5 million to refinance existing debt and to provide additional capital to support its recent acquisitions as well as to accelerate growth.
“From our first meeting through our recent company visit and closing, Dave [Grende] and I were very impressed with Tim [Peterman] and iMedia’s entire management team,” Mark Orlando, director and western region manager at Siena Lending Group, said. “Our group at Siena worked hard to understand the company’s true asset values, which helped us exceed management expectations and provide significantly more liquidity than other lenders.”
“We welcome iMedia and look forward to supporting their plan to achieve new levels of success,” Grende, who is president and CEO of Siena Lending Group, said. “This transaction demonstrates both Siena’s creativity and the scope of our lending capabilities, as our capital strength, sizable loan portfolio and seasoned team make us well positioned to meet a wide range of financing needs for our clients.”
