-Goldman, JPMorgan lead upsized credit facility to Bluestem Brands.
BANKING AND CREDIT NEWS-May 31, 2012--Goldman, JPMorgan lead upsized credit facility to Bluestem Brands(C)2012 M2 COMMUNICATIONS http://www.m2.com
31 May 2012 - Goldman Sachs Bank USA and JPMorgan Securities Inc acted as joint lead arrangers and joint book-runners of an upsized accounts receivable revolving credit facility to Bluestem Brands Inc, the US general merchandise retailer said today.
The group of lenders include Goldman Sachs Bank USA, JPMorgan Chase Bank, National Association (NA), Deutsche Bank AG New York, PNC Bank NA and Royal Bank of Scotland PLC (LON:RBS).
Under the amended terms, the maximum revolving borrowing capacity has been increased to USD340m (EUR274m) from USD290m. The facility falls due in August 2013.
The increased lenders' commitments give Bluestem Brands additional liquidity for the forthcoming holiday season, the company said.
Bluestem Brands is based in Eden Prairie, Minnesota, and has Battery Ventures and Bain Capital Ventures as its main investors. It offers private-label and brand-name products, including appliances, electronics, clothing, furniture, beauty products, sports goods and jewellery via the Fingerhut and Gettington.com brands. The company delivers its products through e-commerce and direct marketing and gives its clients the option to pay over time.
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|Publication:||M2 Banking & Credit News (BCN)|
|Date:||May 31, 2012|
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