First Annapolis Advises Bluestem on Strategic Partnership with Santander Consumer USA for its Fingerhut and Private Label Businesses

September 2013

EDEN PRAIRIE, Minn – Bluestem Brands, Inc. announced that it has entered into a seven year agreement with Santander Consumer USA (SCUSA) and WebBank with respect to the private label credit program for its Fingerhut and brands.  Under the agreement, SCUSA will purchase new and existing revolving credit receivables from Bluestem Brands. WebBank will continue to make installment and revolving credit accounts available to Bluestem Brands, Inc.’s customers for the financing of merchandise from Bluestem Brands.

“This agreement enhances our ability to make retail credit programs available to our customers and secures long-term funding for future growth in our retail business.  In addition, with the ongoing sale of the receivables to SCUSA, our liquidity position will improve materially, especially during our peak holiday season. We are pleased to work with both WebBank and SCUSA and we look forward to long-lasting partnerships,” said Mark Wagener, Executive Vice President and Chief Financial Officer of Bluestem Brands.

First Annapolis Consulting, Inc. served as advisor to Bluestem

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