TimePayment closed a new $375 million revolving credit facility, including a $50 million accordion. The facility replaces its previous, primary facility that was set to mature at year end. BMO Harris Bank serves as the Lead Agent for a bank syndicate that includes eight commercial banks.

“This new facility is an important part of our overall, long term capital markets strategy.” says Jay Haverty, President and CEO of TimePayment. “The expansion and extension of our primary facility was a priority as we continue to realize record originations and earnings growth. Having the support of an outstanding group of banking partners, many of which have worked with us for more than a decade, is something we greatly appreciate.”

For more equipment finance industry news, visit Equipment Finance Advisor.