Atlanticus Holdings closed a $100 million asset-backed, revolving credit facility with Credit Suisse, Cayman Islands Branch.
The new facility allows for a total of $190 million in committed debt capital (when combined with existing facilities) to fund the company’s investment in Fortiva-branded general purpose credit card receivables.
The new revolver followed the closing of a previous $90 million revolving credit facility with investment management firm TowerBrook Capital Partners’ Structured Opportunities Fund. Both facilities established a program under which Atlanticus sells certain credit card receivables acquired by the company to a consolidated trust in exchange for notes issued by the trust. The notes are secured by the receivables and other assets of the trust.
“This new credit facility provides us with the additional capacity to continue our growth as we work to enable financial institutions to empower millions of financially underserved Americans,” said Jeff Howard, president of Atlanticus Holdings.
Founded in 1996, Atlanta-based Atlanticus Holdings provides various credit and related financial services and products to the financially underserved consumer credit market.
TowerBrook Capital Partners is a transatlantic investment management firm headquartered in New York and London that has in excess of $7 billion in assets under management.
