BLUEFLY.COM DRAWS $3M FROM FUNDS
NEW YORK — Internet off-pricer Bluefly Inc. said Thursday it has drawn another $3 million from the $15 million in financing provided in March by affiliates of Soros Private Equity Partners.
With the move, Bluefly has obtained $9 million of the Soros funds, leaving $6 million available. As reported in WWD, Soros agreed to finance Bluefly with up to $15 million at any time this year on terms reflecting market interest rates.
“Having the support of the Soros organization has been very important to us, especially at a time when the capital markets are not treating e-tailers very kindly,” said Ken Seiff, Bluefly’s chief executive officer.
“We like to announce these things because the capital markets are so sensitive.”
On Thursday, Bluefly’s stock added 1/4 to close at 2 1/2 in Nasdaq trading. During the past 52 weeks, it has ranged from a high of 16 11/16 to a low of 1 25/32.
Seiff said Bluefly is searching, with C.S. First Boston, for a strategic investor, and has enough funds, with the Soros financing, to meet the dot-com’s cash requirements through Dec. 31.