iMedia Brands Seeks To Raise $75M Via Senior Debt To Finance 123tv Acquisition

iMedia Brands Inc IMBI agreed to acquire 123tv for an enterprise value of $95 million, with a $50 million earn-out potential. iMedia plans to close the transaction in Q4 of 2021.
123tv is an interactive media company specializing in proprietary, Dutch auction-style live and automated auctions. 123tv reaches consumers via its television network in over 40 million German and Austrian television households via its online, mobile, and over-the-top (OTT) digital platforms.
iMedia proposed to sell $75.0 million 8.5% senior notes due 2026 in a public offering.
The underwriters have a 30-day option to purchase additional $5.0 million notes.
The offering proceeds will fund the costs related to its pending acquisition of 123tv. Any remaining proceeds will serve working capital and general corporate purposes.
iMedia has applied to list the notes on the Nasdaq under the symbol "IMBIL."
iMedia held $23 million in cash and equivalents as of July 31.
Price Action: IMBI shares traded higher by 0.38% at $5.32 in the market session on the last check Wednesday.