By Lisa Kerner
Charlotte, N.C., March 10 – Evine Live Inc. secured a $17 million five-year bank loan from GACP Finance Co., LLC.
The term loan bears interest at Libor plus 1,100 basis points and matures in March 2021.
Borrowings will be used for general corporate purposes as well as to strengthen the overall liquidity position of the company, according to a news release.
“For 2016, our primary focus is to improve our execution on the fundamentals of our business, both from a profitability perspective as well as from a balance sheet perspective,” chairman and interim chief executive officer Bob Rosenblatt said in a company news release.
Evine Live is a cable, satellite and broadcast television network based in Eden Prairie, Minn.
| Company: | Evine Live Inc.
|
| Issue: | Bank loan
|
| Lender: | GACP Finance Co., LLC
|
| Amount: | $17 million
|
| Interest: | Libor plus 1,100 bps
|
| Maturity: | March 2021
|
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