Online retailer Overstock.com Inc. said Wednesday it signed a financing agreement with U.S. Bank N.A. to provide financing of up to $20 million.
The revolving line of credit financing facility terminates on Oct. 2, 2011, the company said. Revolving credit means the recipient pays a commitment fee to the bank, which guarantees a maximum loan amount to the customer. The customer can then use the funds as needed.
Shares of Overstock rose 61 cents, or 4.6 percent, to $13.92 in afternoon trading. The stock has traded in a 52-week range of $6.71 to $17.99.