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Bluefly declares $7.5 mn credit facility with Wells Fargo

27
Jul '05
New York based leading online fashion products retailer Bluefly Inc announced a new $7.5 million credit facility with Wells Fargo Retail Finance, LLC. The company has the option to increase its maximum borrowing capacity under the facility up to $12.5 million. The Wells Fargo facility replaces the company's $3.5 million credit facility with Rosenthal and Rosenthal Inc.

"Company in new relationship with Wells Fargo affords us much more leverage and an attractive cost of capital to invest in inventory as they grow their business," said Bluefly CFO, Pat Barry. "This re-financing is important for their business, helping us to obtain the proper merchandise mix to support their national advertising campaign this fall."

"They are impressed with Bluefly's track record and are pleased to be entering into a relationship that will support their growth initiatives, not only in 2005, but in the long term," said Tim Tobin, National Director of Marketing & Structuring for Wells Fargo Retail Finance. "The relationship with Bluefly demonstrates their commitment to high-growth companies and their sustained interest in the retail sector."

In connection with the transaction, an affiliate of Soros Fund Management LLC provided a $2 million letter of credit in favor of Wells Fargo in order to provide further borrowing capacity. The initial borrowing capacity under the facility, including the availability provided by the Soros letter of credit, is approximately $6 million.


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