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

The Gift of Wow: Preparing your store for the holiday season - Netsuite
Being prepared for the holiday rush used to mean stocking shelves and making sure your associates were ready for the long hours. But the digital revolution has changed everything, most importantly, customer expectations. Retailers with a physical store presence should be asking themselves—what am I doing to wow the customer?
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.
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.