Fingerhut funding growth with $290 million in financing
Fingerhut Direct Marketing Inc. has secured working capital financing that includes a $250 million revolving securitization warehouse led by Barclays Capital Inc. and a three-year $40 million inventory line from JPMorgan Chase Bank N.A.
Fingerhut, No. 127 in the Internet Retailer Top 500 Guide, is a direct marketing company whose product lines include electronics, housewares and furniture. Online sales for 2006 were $82 million. The company reported overall sales of $310 million for the fiscal year ending February 2, 2007.
The company plans to use the new financing to fund growth, says Brian Smith, president and CEO. “These new facilities provide us with a significant increase in liquidity at substantially lower costs, which will be a catalyst for future growth. Furthermore, the new securitization facility will give us future access to the term securitization markets.”
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