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.