PFSweb Completes Renewal of Approximately $94.0 Million in Credit Facilities
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.
SOURCE: PFSweb, Inc.
PFSweb Mark C. Layton, 972-881-2900 Chief Executive Officer or Thomas J. Madden, 972-881-2900 Chief Financial Officer or KCSA Strategic Communications Todd Fromer / Garth Russell Investor Relations 212-896-1215 / 212-896-1250 tfromer@kcsa.com / grussell@kcsa.com