DZ Bank Renews GWG $100MM Credit Facility
GWG Holdings announced it has completed the renewal of its $100 million credit facility with DZ Bank. GWG said, together with certain of its subsidiaries, it entered into an amended and restated credit and security agreement with Autobahn Funding Company, as the conduit lender, and DZ Bank, as the committed lender and as the agent on behalf of secured parties under such agreement.
The amendment extends the maturity date of borrowings made by the company’s subsidiary, GWG DLP Funding II to December 31, 2014.
“DZ Bank is happy to extend its relationship with GWG. The bank has been very pleased with the institutional disciplines GWG has implemented over the past several years, which is evidenced by its well-constructed portfolio and a world-class servicing platform.”
Minneapolis, MN-based GWG Holdings acquires life insurance policies in the secondary market from policy owners who sell their policies at a price greater than the cash surrender value, but less than the face value of the policy’s benefit.