IMBI 5.39 0.09 1.70%
iMedia Brands Announces Proposed $75.0 Million Public Offering of Senior Notes
MINNEAPOLIS, Sept. 22, 2021 (GLOBE NEWSWIRE) -- iMedia Brands, Inc. (NASDAQ: IMBI) ("iMedia Brands" or the "Company") today announced that it intends to offer and sell $75.0 million aggregate principal amount of senior notes due 2026 in an underwritten public offering. The interest rate of the senior notes is expected to be 8.50%. The proposed offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the actual size or terms of the offering. iMedia Brands also expects to grant the underwriters a 30-day option to purchase additional $5.0 million aggregate principal amount of senior notes in connection with the public offering.
iMedia Brands intends to use the net proceeds from the offering to fund the closing cash purchase price and transaction costs related to its pending acquisition of 1-2-3.tv Group, and any remaining proceeds for working capital and general corporate purposes, which may include certain post-closing payments related to the 1-2-3.tv Group acquisition.