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Siena Lending Group Closes New $80MM Credit Facility for iMedia Brands

August 12, 2021, 07:16 AM
Filed Under: Media

Siena Lending Group closed an $80 million credit facility with iMedia Brands, Inc. which was completed on July 30, 2021. In addition to the $80MM asset-based revolving credit facility, Siena arranged a $28.5MM term loan secured by Company-owned real estate which was completed in conjunction with Siena’s loan. The new three-year credit facilities totaling $108.5MM were used to refinance existing debt and provide additional capital to support iMedia’s recent acquisition as well as to accelerate growth.

Commenting on the Company’s new 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 the rest of his team. They are the right strategic lending partner for iMedia to finance its next chapter.”

“From our first meeting through our recent Company visit and closing, Dave and I were very impressed with Tim and iMedia’s entire management team,” said Mark Orlando, Siena’s Director and Western Region Manager. “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.”

David Grende, Siena’s President and CEO, said: “We welcome iMedia and look forward to supporting their plan to achieve new levels of success. 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.”

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