Fingerhut Direct obtains $100 million credit facility

By Sara Rosenberg

New York, April 10 - Fingerhut Direct Inc. obtained a $100 million senior secured line of credit comprised of a revolver and a bridge loan. CIT Business Credit's Retail Finance Group acted as lead arranger and administrative agent.

The revolver is secured by inventory and will be used to finance inventory, receivables and working capital.

The bridge loan will be used for consumer installment receivables.

"We are pleased to complete this financing facility," said Ted Deikel, chief executive officer, in a news release. "Now we can focus on growth and profitability."

Fingerhut Direct is a Minnetonka, Minn. direct to the consumer marketing company.

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