BofA, Others Increase Carfinco Credit Facility to $180 Million
Carfinco Financial Group announced that its senior credit facility has been increased from $130 million to $180 million.
The banking syndicate remained the same with Bank of America, Bank of Montreal and Wells Fargo Financial Corporation Canada providing the credit. The expiry of the agreement with the syndicate was extended to November 5, 2014. There was no interest rate and financial leverage change.
“We look forward to the continued relationship with our banking syndicate,” Tracy Graf, CEO of Carfinco, stated. “The $50 million increase in the facility gives us the access to capital needed to achieve our targeted growth of approximately 20% per year.”
Carfinco provides consumer vehicle loans to borrowers unable to obtain financing through traditional lending sources.