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BofA Agents Regional Management’s Facility Increase to $585MM

August 30, 2016, 07:17 AM
Filed Under: Lender Finance

Regional Management Corp., a diversified consumer finance company, announced today that it has amended its senior revolving credit facility agreement. The committed line under the credit facility has increased to $585 million from its previous amount of $538 million, and the maturity date has been extended from September 2018 to August 2019. The upper limit of the accordion feature of the credit facility has also been increased to $650 million from its previous amount of $600 million.

An 8-K filing with the SEC names Bank of America as agent for the lenders.

Each lender in the bank group is maintaining or increasing its commitment under the renewed credit facility. Other borrowing terms under the facility, including the cost of funds, remain largely unchanged.

“We deeply value the relationship we have developed with our bank group, and we want to thank our lenders for their continued confidence and support,” said Peter R. Knitzer, Chief Executive Officer of Regional Management Corp. “We expect to use the expanded facility to further fund our ongoing growth initiatives.”

Regional Management Corp. is a diversified consumer finance company providing a broad array of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies and other traditional lenders. Regional Management began operations in 1987 with four branches in South Carolina and has since expanded its branch network across South Carolina, Texas, North Carolina, Tennessee, Alabama, Oklahoma, New Mexico, Georgia and Virginia.

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