Fingerhut Gets $100M Credit Line

Share this article:
Fingerhut Direct received a $100 million senior secured line of credit, the company said yesterday.


"The money will be used to finance inventory and receivables and be used for general working capital," spokeswoman Mary Pernula said.


The credit consists of a revolving line of credit secured by inventory and a bridge loan for consumer installment receivables.


CIT Business Credit's Retail Finance Group acted as lead arranger and administrative agent.


Fingerhut's assets were acquired last year by Tom Petters and Ted Deikel. Their first catalog mailing took place Nov. 9. They are partners with Deikel serving as chairman. Six catalogs have been mailed in the first quarter of 2003.


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

7 Ways to Take Your Marketing Strategy to the Big Leagues

7 Ways to Take Your Marketing Strategy to ...

A game-winning omnichannel strategy must be seamless, synchronous, and symbiotic.

Pet World's Multichannel Marketing Is a Whole Other Animal

Pet World's Multichannel Marketing Is a Whole Other ...

The family owned pet store redesigns its website to bring the in-store experience online.

Complexity's What Marketers Got, Simplicity's What They Want

Complexity's What Marketers Got, Simplicity's What They Want

Customer insights managers want campaign management tools to remain easy to use, even as they up their games with multi-layered campaigns.