TD, Republic Extend Credit Facilities for Resource America
Resource America, Inc. reported that on November 16, 2012, it extended the maturity of its $7.5 million revolving credit facility with TD Bank to December 31, 2014 from August 31, 2013 and eliminated the 6% interest rate floor. Borrowings under the facility will be at either (i) the prime rate of interest plus 2.25% or (ii) LIBOR plus 3.00%.
The company also reported that on October 26, 2012, it extended the maturity of its $3.5 million revolving credit facility with Republic First Bank to December 28, 2014 from December 1, 2012.
The company currently has no outstanding borrowings under either the TD facility or the Republic facility.
Thomas Elliott, CFO and SVP of Resource America, commented, “We are very pleased with the modifications to extend our two corporate credit facilities and substantially reduce our borrowing costs. The continued availability of this liquidity provides the company tremendous flexibility for the next two years.”
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, financial fund management and commercial finance sectors.
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