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.