PFSweb Completes Renewal of Approximately $94.0 Million in Credit Facilities
April 13 2011 - 8:00AM
Business Wire
PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end e-commerce solutions, today announced the renewal of its
financing agreements with Comerica Bank (Comerica), Wells Fargo
Bank, National Association (Wells Fargo), IBM Credit LLC (IBM
Credit), IBM Belgium Services B.V.B.A. (IBM Belgium), and BNP
Paribas Fortis (BNP Paribas) totaling approximately $94.0 million
of available credit.
The Company’s Priority Fulfillment Services, Inc. subsidiary
(PFS) renewed its $10 million asset based financing facility with
Comerica for 18 months through September 2012. This agreement
allows PFS to increase total borrowing levels to $12.5 million
during seasonal peak periods of November through February.
The Company’s Supplies Distributors business renewed two
separate financing agreements that support its inventory and
accounts receivable needs. This includes an agreement with Wells
Fargo for a $25.0 million accounts receivable financing facility,
which was extended for a three year period. The second agreement is
with IBM Credit for $25.0 million and was renewed for a one year
period. The IBM Credit agreement decreased from the previous
agreement due to lower projected borrowing needs under the
facility.
Supplies Distributors’ European subsidiary renewed its credit
facility with IBM Belgium for 16 million Euros under a one year
agreement period. The Supplies Distributors Europe business also
entered into a new 7.5 million Euros financing agreement with BNP
Paribas. The BNP Paribas agreement, which is a three year
agreement, replaces a credit facility of the same size previously
held through Fortis Commercial Finance N.V.
About PFSweb, Inc.
PFSweb develops and deploys comprehensive end-to-end eCommerce
solutions for Fortune 1000, Global 2000 and brand name companies,
including interactive marketing services, global fulfillment and
logistics and high-touch customer care. The company serves a
multitude of industries and company types, including such clients
as P&G, LEGO, Carter's, Lucky Brand Jeans, Juicy Couture,
Kensie, Monet, kate spade new york, AAFES, Riverbed, InfoPrint
Solutions Company, Hawker Beechcraft Corp., Roots Canada Ltd. and
Xerox.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the
company's website at http://www.pfsweb.com.
The matters discussed herein consist of forward-looking
information under the Private Securities Litigation Reform Act of
1995 and is subject to and involves risks and uncertainties, which
could cause actual results to differ materially from the
forward-looking information. PFSweb's Annual Report on Form 10-K
for the year ended December 31, 2010 identifies certain factors
that could cause actual results to differ materially from those
projected in any forward looking statements made and investors are
advised to review the Annual and Quarterly Reports and the Risk
Factors described therein. PFSweb undertakes no obligation to
update publicly any forward-looking statement for any reason, even
if new information becomes available or other events occur in the
future. There may be additional risks that we do not currently view
as material or that are not presently known.
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