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MicroFinancial Announces Increase in Sovereign Bank Led Credit Facility

December 27, 2012, 07:48 AM

MicroFinancial Incorporated, a financial intermediary specializing in vendor-based leasing and finance programs for microticket transactions, announced that its operating subsidiary, TimePayment Corp., has increased its revolving line of credit from $100 million to $150 million with a six member bank syndicate led by Sovereign Bank, a subsidiary of Santander Holdings USA, Inc. and Banco Santander, S.A.

The credit agreement allows the company to borrow up to $150 million against eligible lease receivables subject to a borrowing base calculation. The interest rate under the amended agreement continues to provide for either a Prime Rate based or a Libor Rate based borrowing at the company's option and the maturity date of the amended facility was extended to December 21, 2016.

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