ShopNBC Expands Working Capital Availability via $25 Million Term Loan
November 17 2010 - 3:48PM
Marketwired
ShopNBC (NASDAQ: VVTV), the premium lifestyle brand in multi-media
retailing, today announced that it has entered into $25 million
term loan with a lending group led by Crystal Financial LLC.
The loan has a 5-year maturity, bears a variable interest rate,
which will initially be set at 11%, and will be used to finance
general working capital needs. The loan replaces a previous $20
million revolving credit facility, and is secured primarily by the
company's inventory and accounts receivable. The PrinceRidge Group
served as financial advisors to the company.
About ShopNBC
ShopNBC is a multi-media retailer operating with a premium
lifestyle brand. Over 1 million customers benefit from ShopNBC as
an authority and destination in the categories of home,
electronics, beauty, health, fitness, fashion, jewelry and watches.
As part of the company's "ShopNBC Anywhere" initiative, customers
can interact and shop via cable and satellite TV in 76 million
homes (DISH Network channels 134 and 228; DIRECTV channel 316);
mobile devices including iPhone, BlackBerry and Droid; online at
www.ShopNBC.com; live streaming at www.ShopNBC.TV; and social
networking sites Facebook, Twitter and YouTube. ShopNBC is owned
and operated by ValueVision Media (NASDAQ: VVTV). For more
information, please visit www.ShopNBC.com/IR.
Forward-Looking Information
This release contains certain "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. These statements are based on management's current
expectations and accordingly are subject to uncertainty and changes
in circumstances. Actual results may vary materially from the
expectations contained herein due to various important factors,
including (but not limited to): consumer spending and debt levels;
interest rates; competitive pressures on sales, pricing and gross
profit margins; the level of cable and satellite distribution for
the company's programming and the fees associated therewith; the
success of the company's e-commerce and new sales initiatives; the
success of its strategic alliances and relationships; the ability
of the company to manage its operating expenses successfully; the
ability of the Company to establish and maintain acceptable
commercial terms with third party vendors and other third parties
with whom the Company has contractual relationships; changes in
governmental or regulatory requirements; litigation or governmental
proceedings affecting the company's operations; and the ability of
the company to obtain and retain key executives and employees. More
detailed information about those factors is set forth in the
company's filings with the Securities and Exchange Commission,
including the company's annual report on Form 10-K, quarterly
reports on Form 10-Q, and current reports on Form 8-K. The company
is under no obligation (and expressly disclaims any such
obligation) to update or alter its forward-looking statements
whether as a result of new information, future events or
otherwise.
Contact Information: Investor/Media Relations Anthony
Giombetti agiombetti@shopnbc.com 612-308-1190 Investor
Relations Norberto Aja & David Collins vvtv@jcir.com
212-835-8500
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