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Siena Lending Group, GreenLake Asset Management Provide $108.5MM in Debt Financing to iMedia

August 06, 2021, 07:40 AM
Filed Under: Media

iMedia Brands announce 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.

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