April 14, 2003,
Fingerhut Direct raises $100 million
Fingerhut Direct received a $100 million senior secured line of credit to finance inventory, receivables and working capital. CIT Business Credit's Retail Finance Group, a unit of CIT Group, acted as lead arranger and administrative agent. The facility comprises a revolving line of credit, secured by inventory and a bridge loan for consumer installment receivables. "Now we can focus on growth and profitability," said Ted Deikel, ceo, Fingerhut Direct. After mailing its first catalog in November, Fingerhut has dropped six more in the first quarter of 2003.
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