iMedia Brands gets final approval of $34.95 million DIP facility

By Sarah Lizee

Olympia, Wash., Aug. 15 – iMedia Brands, Inc. gained final approval of a $34.95 million debtor-in-possession facility, according to an order filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The facility consists of a $15 million term loan and a $19.95 million rollup of prepetition revolving loans, as previously reported.

Interest on the DIP facility is SOFR plus 1,000 basis points. Default interest would be an additional 200 bps.

Siena Lending Group LLC is the DIP agent.

RNN-TV Licensing Co. LLC is a lender on the DIP facility. Siena Lending, Crystal Financial SPV LLC, Crystal Financial LLC (doing business as SLR Credit Solutions) and North Mill Capital (doing business as SLR Business Credit) are the other DIP lenders.

iMedia Brands is an interactive media company based in Eden Prairie, Minn. The company filed bankruptcy on June 28 under Chapter 11 case number 23-10852.

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