Posts Tagged ‘PNC Bank’

ShopNBC Expands PNC Bank Credit Facility To $50 Million

May 8, 2013

ShopNBC increased the size of its credit facility with PNC Bank from $40 million to $50 million and has extended the facility’s maturity to five years, through May 1, 2018, the network said Tuesday.

The existing three-year facility was scheduled to mature February 9, 2015. PNC N.A. is a subsidiary of PNC Financial Services Group.

The expanded facility carries the same interest rate of LIBOR plus 3 percent. The credit facility is secured by ShopNBC’s and its subsidiaries’ accounts receivable, equipment, inventory, and certain real estate as well as other assets.

The facility will be used to finance inventory and other working capital needs as well as capital expenditures designed to support the continued growth of the business.

“PNC is a valued partner of ValueVision (ShopNBC) that has played an important role in supporting our business,” ShopNBC Chief Financial Officer Bill McGrath said. “The expanded facility improves our liquidity and better positions us to support continued growth.”

ShopNBC Enters New Credit Facility For Up To $20 Million With PNC Bank

December 1, 2009

ShopNBC has entered into an agreement with PNC Bank to establish a senior secured revolving credit facility, the home shopping network said Tuesday.

The credit facility has a three-year term and provides for up to a $20 million revolving line of credit to finance working capital investment and fund other company growth initiatives.

Borrowings under the credit facility may bear interest at either floating or fixed rates of interest based on the prime rate and LIBOR, respectively, plus variable margins.

Borrowings will be secured primarily by the company’s accounts receivable and inventory, and are subject to
customary financial and other covenants and conditions. At the time of closing, there were no borrowings against this new credit facility.