IMBI - iMedia Brands to sell three buildings for $48M to pay down debt
- iMedia Brands ( NASDAQ: IMBI ) said Thursday it will sell three of its four buildings for $48M to Pontus Net Lease Advisors, a Pontus Capital unit.
- Proceeds will be used to pay down existing debt, including the $28.5M Green Lake term loan.
- The deal includes one corporate headquarters building in Eden Prairie, Minnesota, and both distribution center buildings in Bowling Green, Kentucky.
- iMedia ( IMBI ) will enter into a leaseback of the properties from Pontus Capital once the sale closes.
- The deal is expected to close and fund in January.
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iMedia Brands to sell three buildings for $48M to pay down debt