Regional Management, a specialty consumer finance company, announced it has amended and restated its senior revolving credit facility agreement, receiving an increase in the committed line under the credit facility to $538 million from its previous amount of $500 million, and a maturity extension from May 2016 to September 2018. The upper limit of the accordion feature of the credit facility remains at $600 million.

According to a related 8-K filing, Bank of America served as agent and lender for a syndicate of lenders including: BMO Harris Financing, First Tennessee Bank, Capital One, Texas Capital Bank, Wells Fargo Bank and Capital Bank.

In addition to the increase, as part of the renewed credit facility, Capital Bank joins the group of original lenders, each of which is maintaining or increasing its commitment under the renewed credit facility. Language has also been added to the agreement to allow Regional Management to pursue an automobile loan securitization of up to $100 million without causing a reduction in the committed line.

“Today’s closing of the amended and restated loan agreement is the culmination of a comprehensive process with our lenders,” said Michael R. Dunn, chief executive officer of Regional Management. “We want to thank our group of lenders for their continued confidence in Regional and in what we are building, and we want to welcome Capital Bank to our bank group. With the extension process now complete, we are continuing to pursue our core strategy of growing our business and expanding our branch footprint.”

Borrowing terms under the facility remain largely unchanged—borrowings bear interest, payable monthly, at rates equal to LIBOR of a maturity the company elects between one month and six months, with a LIBOR floor of 1.00%, plus an applicable margin of 3.00%. Alternatively, the company may pay interest at a rate based on the prime rate plus an applicable margin of 2.00%. The company also pays an unused line fee of 50 basis points per annum, which declines to 37.5 basis points at certain usage levels, payable monthly. The senior revolving credit facility is collateralized by certain of the company’s assets, including substantially all of its finance receivables and equity interests of substantially all of its subsidiaries.