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GSI Commerce Enters Into $75 Million Secured Credit Facility
Jan 14, 2008 (08:01 AM EST)
KING OF PRUSSIA, Pa., Jan. 14 /PRNewswire-FirstCall/ -- GSI Commerce Inc. , a leading provider of e-commerce solutions, today announced that it has obtained a $75 million revolving secured line of credit from a bank group led by PNC Capital Markets, the investment banking arm of PNC Bank.
The five-year, revolving secured line of credit is available to the company for letters of credit, working capital and general corporate purposes, including possible acquisitions. In addition to PNC, banks participating in the facility include Bank of America (syndication agent), HSBC Bank USA and Sovereign Bancorp.
"This facility gives GSI additional flexibility to execute our strategy. We are pleased to have the support from a strong group of banks as we pursue our growth plans," said Michael R. Conn, CFO and executive vice president of finance for GSI.
About GSI Commerce
GSI Commerce(R) is a leading provider of e-commerce solutions that enable retailers, branded manufacturers, entertainment companies and professional sports organizations to operate e-commerce businesses. We provide solutions for our partners through our integrated e-commerce platform, which is comprised of four components: technology, customer care, fulfillment and marketing services. We provide e-commerce solutions for approximately 85 partners.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements made in this release, other than statements of historical fact, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "will," "would," "should," "guidance," "potential," "opportunity," "continue," "project," "forecast," "confident," "prospects," "schedule" and similar expressions typically are used to identify forward-looking statements. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business of GSI Commerce. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions which are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or implied by these forward-looking statements. Factors which may affect GSI Commerce's business, financial condition and operating results include the effects of changes in the economy, consumer spending, the financial markets and the industries in which GSI Commerce and its partners operate, changes affecting the Internet and e-commerce, the ability of GSI Commerce to develop and maintain relationships with strategic partners and suppliers and the timing of its establishment, extension or termination of its relationships with strategic partners, the ability of GSI Commerce to timely and successfully develop, maintain and protect its technology, confidential and proprietary information, and product and service offerings and execute operationally, the ability of GSI Commerce to attract and retain qualified personnel, the ability of GSI Commerce to successfully integrate its acquisitions of other businesses, if any, and the performance of acquired businesses. More information about potential factors that could affect GSI Commerce can be found in its most recent Form 10-K, Form 10-Q and other reports and statements filed by GSI Commerce with the SEC. GSI Commerce expressly disclaims any intent or obligation to update these forward-looking statements.
Contact: GSI Commerce, Inc. Corporate Marketing 610.491.7474 Fax: 610.265.2866 email@example.com
CONTACT: Corporate Marketing of GSI Commerce, Inc., +1-610-491-7474, Fax, firstname.lastname@example.org+1-610-265-2866,
Web site: http://www.gsicommerce.com//