iMedia Announces New Lenders & Expanded $108.5 Million Debt Financing to Accelerate Growth
Siena Lending Provides iMedia $80 Million ABL Facility and
GreenLake Provides iMedia $28.5 Million Term Note
MINNEAPOLIS, Aug. 05, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (“iMedia” or the “Company”) (Nasdaq: IMBI) announces that on July 30, 2021, the Company closed on a new $108.5 million debt financing comprising 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 an $80.0 million commitment. The $28.5 million term note provided by GreenLake is backed by iMedia’s owned real estate, which includes its corporate headquarters and production studios located in Eden Prairie, MN, as well as its warehouse and fulfillment center centrally located in Bowling Green, KY. Both the revolving credit facility and term note have three-year terms.
Commenting on the Company’s new lending partners and expanded debt facility, Tim Peterman, CEO of iMedia Brands, said: “Success is driven by strong partners who trust each other. 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 & Co. served as exclusive financial advisor to the Company in arranging and placing the financing.
About iMedia Brands, Inc.
iMedia Brands, Inc. (Nasdaq: IMBI) is a leading interactive media company that owns a growing portfolio of lifestyle television networks, consumer brands, online marketplaces and media commerce services that together position the Company as a leading single-source partner to television advertisers and consumer brands seeking to entertain and transact with customers using interactive video.
About Siena Lending Group
Siena Lending Group is a leading independent asset-based lender (ABL) lender and a portfolio company of Business Development Corporation of America, an affiliate of Benefit Street Partners L.L.C. (“BSP”). BSP, a leading credit-focused alternative asset management firm with over $32 billion in assets under management as of June 30, 2021, is a wholly-owned subsidiary of Franklin Resources, Inc. Siena is headquartered in Stamford, CT and was co-founded by President and CEO David Grende. For further information, please visit https://www.sienalending.com/.
About GreenLake Asset Management
GreenLake Asset Management LLC is a direct lender and alternative asset manager founded in 2008, focused on delivering superior fixed income products in commercial real estate. Headquartered in South Pasadena, CA, GreenLake provides creative and flexible real estate capital solutions nationwide.
About D.A. Davidson
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 and headquartered in Montana, with corporate offices in Denver, Los Angeles, Portland and Seattle, the company has approximately 1,400 employees and offices in 28 states. D.A. Davidson & Co. is a subsidiary of D.A. Davidson Companies.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This release contains statements, estimates, projections, guidance or outlooks that constitute “forward-looking” statements as defined under U.S. federal securities laws. Generally, the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “plan,” “project,” “should” and similar expressions identify forward-looking statements, which generally are not historical in nature. These statements may contain information about our prospects, including anticipated show, event, or product line launches, and involve risks and uncertainties. We caution that actual results could differ materially from those that management expects, depending on the outcome of certain factors.
Gateway Investor Relations
Released August 5, 2021