Bluestream Brands, the Minnesota-based multi-label retailer, boosted its credit facility by an additional $50 million, the company announced. It brings the company’s maximum borrowing capacity to $340 million. Lenders included Goldman Sachs, JPMorgan, Deutsche Bank, The Royal Bank of Scotland and PNC Bank National Association. Backers of the company included Bain Capital Ventures and Battery Ventures.
Bluestem Brands, Inc. Increases Credit Facility by $50 Million
EDEN PRAIRIE, Minn.– Bluestem Brands, Inc. today announced that it has completed an amendment to its existing accounts receivable revolving credit facility. The amended agreement increases the maximum revolving borrowing capacity by $50 million from $290 million to $340 million. The credit facility is scheduled to mature in August 2013.
“The upsized credit facility provides additional liquidity for the upcoming holiday season. We are thankful for the support our lenders have shown by increasing their commitments under the existing credit facility.”
Mark Wagener, Executive Vice President and Chief Financial Officer stated, “The upsized credit facility provides additional liquidity for the upcoming holiday season. We are thankful for the support our lenders have shown by increasing their commitments under the existing credit facility.”
Goldman Sachs Bank USA and J.P. Morgan Securities Inc. serve as joint lead arrangers and joint bookrunners and Goldman Sachs Bank USA, JPMorgan Chase Bank, N. A., Deutsche Bank AG New York, The Royal Bank of Scotland PLC and PNC Bank National Association as participant lenders.
About Bluestem Brands, Inc.
Bluestem Brands, Inc. is a multi-brand, multi-channel retailer of a broad selection of name brand and private label general merchandise servicing low to middle income consumers nationwide. We market our merchandise via the Fingerhut and Gettington.com brands. In addition to offering a large selection of merchandise, we also offer a variety of credit options to provide our customers with the flexibility of paying over time. Major investors in Bluestem Brands, Inc. include Bain Capital Ventures and Battery Ventures. Bluestem Brands, Inc. is headquartered in Eden Prairie, Minnesota.
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