iMedia Brands offers $75 million 8½% $25-par notes due 2026

Chicago, Sept. 22 – iMedia Brands, Inc. is offering $75 million of 8½% senior notes due 2026, according to a 424B5 filing with the Securities and Exchange Commission.

The $25-par notes will pay interest quarterly.

With two years of call protection, the notes can be redeemed between Sept. 30, 2023 and Sept. 30, 2024 at $25.75 per note. Starting Sept. 30, 2024, the notes can be redeemed at $25.50 per note. After Sept. 30, 2025, the notes can be redeemed at $25.25. In all cases of early redemption, interest would be paid to the redemption date.

B. Riley Securities, Inc., D.A. Davidson & Co., Ladenburg Thalmann & Co. Inc. and InspereX LLC are the joint bookrunners.

The co-managers are Aegis Capital Corp., Alexander Capital LP, Newbridge Securities Corp., Revere Securities LLC and B.C. Ziegler & Co.

The underwriters have a 30-day option to purchase an additional $5 million of notes.

Proceeds will be used to finance the cash part of the acquisition of 1-2-3.tv Group. Any proceeds over $80 million will be used to pay down a vendor loan.

There is a special redemption after 180 days from the issue date of the notes at $25.50 per note if iMedia fails to complete its acquisition of 123tv by that time.

iMedia Brands is an interactive media company based in Eden Prairie, Minn.

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