Daily News: November 28, 2018

JPMorgan Chase Closes $100MM Revolver for Atlanticus


Atlanticus Holdings, a technology-enabled consumer finance company, closed a $100 million asset-backed, revolving credit facility with JPMorgan Chase Bank.

The new facility will expand the program under which Atlanticus sells certain credit card receivables to a consolidated trust in exchange for notes issued by the trust. The notes are secured by the receivables and other assets of the individual trust.

The facility followed the closing of $90 million and $100 million revolving credit facilities associated with the company’s Fortiva general purpose credit card receivables and a $167.3 million asset backed securitization supporting the Fortiva-branded point-of-sale credit card receivables.

“By adding to our diverse funding base, we are well positioned to continue the substantial growth in both our private label point-of-sale credit program and our general purpose credit card product as we work to meet the needs of millions of financially underserved Americans through our platform for financial empowerment,” said Jeff Howard, president of Atlanticus Holdings.