Fingerhut Receives $100 Million Line of Credit

Fingerhut Direct has received a $100 million line of secured redit to finance inventory, receivables and working capital.

The credit was arranged by inventory and a bridge loan for consumer installment receivables.

CIT Business Credit’s Retail Finance Group acted as lead arranger and administrative credit in the deal for Fingerhut. Fingerhut Direct, Inc. is owned and operated by FAC Acquisition in which Tom Petters and Ted Deikel are the principals.

“We are pleased to complete this financing facility,” said Deikel in a statement. “Now we can focus on growth and profitability.”

Fingerhut Direct mailed its first catalog in November 2002 and six catalogs in the first quarter of 2003.

Partner Content

3 Critical Components to Achieving the Perfect Order - NetSuite
Explore the 3 critical components to delivering the perfect order.
Streamlining Unified Commerce Complexity - NetSuite
Explore how consolidating multiple systems through a cloud-based commerce platform provides a seamless experience for both you, and your customer.
Build the Foundation for Great Customer Experiences - NetSuite
Understand how consistent, timely, relevant and personalized experiences are enabled by having the right technology foundation in place.
Strategies for Maximizing Mobile Point-of-Sale Technology - NetSuite
Learn the top five innovative ways to utilize your mobile POS technology to drive customer engagement, increase sales and elevate your brand.