Atlanticus Holdings, a technology-enabled consumer finance company, 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 investments in Fortiva branded general-purpose credit card receivables.
The revolving credit facility follows the closing of a $90 million revolving credit facility with TowerBrook Capital Partners, a transatlantic investment management firm, provided by TowerBrook’s Structured Opportunities Fund.
Both facilities established a 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 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.
