Evine Live increases revolver to $75 million, adds lender, accordion

By Marisa Wong

Madison, Wis., March 9 – Evine Live Inc. amended its revolving credit and security agreement with PNC Bank, NA as lender and agent on March 6 to increase the size of the revolving line of credit to $75 million from $60 million, according to an 8-K filing with the Securities and Exchange Commission.

The fourth amendment to the credit agreement also adds PrivateBank and Trust Co. as a lender and provides an accordion feature allowing the company to expand the size of the revolving credit line by another $15 million.

In addition, the amendment modifies the current provision that borrowings under the term loan are subject to mandatory prepayment starting in the fiscal year ending Jan. 31, 2016 in an amount equal to 50% of excess cash flow for that fiscal year by reducing the maximum payment to $2 million from $3.75 million in any such fiscal year.

The amendment also updated some advance rates under the borrowing base for value pay accounts receivable and provides for fees related to the syndication and amendments of the facility and an annual administrative agent’s fee.

Evine Live is a cable, satellite and broadcast television network based in Eden Prairie, Minn.

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