FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Press Releases / Read Press Release

Print

MicroFinancial Announces Increase in Sovereign Bank Led Credit Facility

December 27, 2012, 07:48 AM


MicroFinancial Incorporated, a financial intermediary specializing in vendor-based leasing and finance programs for microticket transactions, announced that its operating subsidiary, TimePayment Corp., has increased its revolving line of credit from $100 million to $150 million with a six member bank syndicate led by Sovereign Bank, a subsidiary of Santander Holdings USA, Inc. and Banco Santander, S.A.

The credit agreement allows the company to borrow up to $150 million against eligible lease receivables subject to a borrowing base calculation. The interest rate under the amended agreement continues to provide for either a Prime Rate based or a Libor Rate based borrowing at the company's option and the maturity date of the amended facility was extended to December 21, 2016.







Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.