eToys Secures $40 Million Revolving Credit Facility With Wells
ETYS.O><WFC.N>
eToys Secures $40 Million Revolving
Credit Facility With Wells Fargo Subsidiary
LOS ANGELES--(BUSINESS WIRE)--Nov. 15, 2000--eToys Inc.
(Nasdaq:ETYS), the leading Internet retailer of children's products,
today announced it has closed a $40 million secured revolving credit
facility to be provided by Foothill Capital Corporation, a
wholly-owned subsidiary of Wells Fargo & Company (NYSE:WFC).
Proceeds will be used for working capital and general corporate
purposes. Availability under the two-year facility is subject to
certain conditions. The facility is secured in part by eToys'
inventory of children's and baby products housed in its distribution
centers in California, Virginia and North Carolina. The facility's
interest rate is 0.5 points above the prime rate.
About eToys.com
Based in Los Angeles, eToys Inc. (www.eToys.com; www.eToys.co.uk;
AOL Keyword eToys) is the premier Internet retailer for children's
products with an extensive selection of both nationally advertised and
specialty toys, software, books, videos, music, video games, hobby
products, party goods and baby-oriented products. By combining this
extensive selection, with helpful and fun ideas and award-winning
customer service, eToys offers consumers a unique one-stop source for
children's products. Through its wholly owned subsidiary, BabyCenter,
Inc. (www.babycenter.com; www.babycenter.co.uk, www.parentcenter.com),
eToys offers Webby-award-winning content and community, as well as an
extensive selection of merchandise for new and expectant parents.
Forward-Looking Statements
Statements made in this document that are forward-looking involve
risks and uncertainties that could cause results to differ materially
from those expressed. Such risks and uncertainties include, but are
not limited to, the company's expectation of operating losses and
negative cash flow for the foreseeable future. Other risk factors
include the company's limited operating history, unpredictability of
operating results, seasonality, inventory risk, reliance on key
vendors and distributors as well as the competitive marketplace. Other
risks are set forth in the company's Annual Report on Form 10-K for
the fiscal year ended March 31, 2000, under the heading "Business -
Additional Factors That May Affect Results," in the company's
quarterly report on Form 10-Q for the quarter ended June 30, 2000 and
in the company's other filings with the Securities and Exchange
Commission.
--30--SJK/la*
CONTACT: eToys Inc., Los Angeles
Ken Ross, 310/998-6993 (media)
kross@etoys.com
Gary Gerdemann, 310/998-6823 (media)
ggerd@etoys.com
Clem Teng, 310/998-6312 (investors)
cteng@etoys.com
TodINDUSTRY KEYWORD: RETAIL E-COMMERCE
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