Blue Nile Closes $15 Million Revolving Credit Line From GE Capital; Premier Financial Institution Drawn to Online Retailer's Strong Business Model.Business Editors SEATTLE--(BUSINESS WIRE)--Jan. 3, 2001 Blue Nile Blue Nile, Arab. Al Bahr al Azraq, river, c.1,000 mi (1,600 km) long, the chief headstream of the Nile, rising in Lake Tana, NW Ethiopia, at an altitude of c.6,000 ft (1,800 m). Inc., the leading online retailer of diamonds and fine jewelry, announced today that it has closed a $15 million revolving line of credit Revolving line of credit A bank line of credit on which the customer pays a commitment fee and can take and repay funds at will. Normally a revolving LOC involves a firm commitment from the bank for a period of several years. with GE Capital. The three-year deal will provide Blue Nile with additional flexibility in funding its working capital needs in support of the company's continued growth. GE Capital's Business Credit group, as well as the country's leading equity investment firms, was attracted to Blue Nile's business model - which is based on strong consumer demand, a high average sales price for its products, low infrastructure and fulfillment costs and fast inventory turns. "To receive this type of financing - which is usually reserved for established brick-and-mortar businesses - reflects the strength of our business model," said Blue Nile Chief Financial Officer Diane Irvine. "This credit line, combined with our existing capital, will enable us to remain focused on meeting customer needs and adapt business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets and growth accordingly." "We believe Blue Nile has a superior management team and a compelling business plan," said Jim McKay James Kenneth McManus, better known by his professional name of Jim McKay (b. September 24 1921, Philadelphia, Pennsylvania) is an American television sports journalist. , managing director of GE Capital Business Credit. "They are fulfilling a clear consumer need, are well-capitalized and positioned as the leader in the online diamond and jewelry category." About Blue Nile Blue Nile, the online leader in the diamond and fine jewelry category, located on the Web at www.bluenile.com, offers consumers a better way to buy diamonds and fine jewelry. Recently named Forbes Favorite online jeweler, the publication's top honor of the best Internet sites, Blue Nile provides an exceptional collection of classically styled jewelry selected according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. high standards of quality, beauty and value. Cleanly designed and easy to navigate, the site offers the in-depth education necessary to make informed purchases with confidence. All Blue Nile jewelry is delivered free of charge, guaranteed and returnable within 30 days and transactions are covered through SSL (Secure Sockets Layer) The leading security protocol on the Internet. Developed by Netscape, SSL is widely used to do two things: to validate the identity of a Web site and to create an encrypted connection for sending credit card and other personal data. technology - which ensures an online purchase experience that's risk-free. Based in Seattle, Blue Nile is privately held with investments from Bessemer Venture Partners Bessemer Venture Partners is a private venture capital firm with offices in Silicon Valley, New York, Massachusetts, China, and India. It has backed such companies as Ciena, Flarion, Parametric Technologies, Skype, Staples, VeriSign and Veritas. ; Trinity Ventures; Kleiner Perkins Caufield & Byers; LightSpeed Venture Partners (formerly Weiss, Peck and Greer Venture Partners); Integral Capital Partners; Vulcan Ventures Inc., and Comdisco Ventures. The company can be reached by phone at 800/242-2728. About GE Capital GE Capital, with assets of over US$345 billion, is a global, diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company with 28 specialized businesses. A wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of General Electric Company, GE Capital, based in Stamford, Conn., USA, provides equipment management, mid-market and specialized financing, specialty insurance and a variety of consumer services, such as car leasing, home mortgages and credit cards, to businesses and individuals around the world. GE is a diversified manufacturing, technology and services company with operations worldwide. SOURCE: Blue Nile |
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