ShopNBC Inks New Credit Agreement

ShopNBC announced that on November 25, 2009, the company entered into an agreement with PNC Bank, National Association to establish a senior secured revolving credit facility.

The credit facility has a three-year term and provides for up to a $20 million revolving line of credit to finance working capital investment and fund other company growth initiatives. Borrowings under the credit facility may bear interest at either floating or fixed rates of interest based on the prime rate and LIBOR, respectively, plus variable margins. Borrowings will be secured primarily by the company’s accounts receivable and inventory, and are subject to customary financial and other covenants and conditions. At the time of closing, there were no borrowings against this new credit facility.