Crystal Financial Agents easyhome Credit Facility
easyhome announced that it has entered into a new $200 million credit facility, replacing the company’s current debt facilities and providing $115 million of additional capital to support the growth of easyhome’s consumer finance business, easyfinancial.
The new credit facility, which expires on October 4, 2018, is comprised of a $180 million term loan and a $20 million revolving operating facility. The term loan is being arranged by Crystal Financial on behalf of a syndicate consisting of Crystal Financial and four other lenders. Crystal is also serving as administrative agent.
“Being able to access additional capital allows us to fund and accelerate our growth plans for easyfinancial,” said David Ingram, easyhome’s president and chief executive officer. “We expect to achieve the metrics we set for our total loan book reaching $250 million a year earlier than anticipated – by the end of 2015.”
The company launched easyfinancial in 2006 to provide term financing to consumers looking for credit alternatives that are more readily accessible than banks and less costly than payday loans. Over the past 36 months, easyfinancial has tripled the size of its consumer loans receivable portfolio to $145 million at June 30, 2014. The additional capital secured today will allow easyfinancial to continue its growth and build upon its leadership position as an alternative provider of term financing to consumers.
“We are pleased to act as administrative agent and lead arranger on this new expanded term loan facility for easyhome,” said Steven Migliero, Senior Managing Director of Crystal Financial. “With this increased financing commitment, we believe the company will continue to grow and maintain their industry leading position.”
Christopher Arnold, senior managing director of Crystal Financial, added, “The increased size and improved terms of the entire facility reflect our confidence in their business and the strength of the easyhome team, systems, operational procedures and risk management practices.”
easyhome is a Canadian provider of goods and financial services to the cash and credit constrained consumer.