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World Business Lenders Secures $30MM Facility from Consortium of Asia-based Investors

May 15, 2018, 07:12 AM
Filed Under: Lender Finance

World Business Lenders (WBL), a provider of working capital to small businesses across the United States, announced that it has secured a new multi-draw credit facility to supplement its facilities with other institutions. The lender to this facility is a Cayman Islands fund established for this purpose by a consortium of Asian banks and investors. The initial commitment of $30 million is anticipated to be fully drawn during the current quarter, and WBL expects to upsize the facility to as much as $100 milliom by 2019. WBL will utilize this facility to support the ongoing growth of its secured loan portfolio, and other business loan products.

"The annual interest rate under this facility and the advance rate are both marked improvements over the terms of similar facilities currently maintained by WBL.  This will immediately improve WBL's income statement and balance sheet, respectively," said Robert Pardes, Chief Operating Officer of WBL. "Not only is this another milestone in the diversification of WBL's access to liquidity, this reaffirms increasingly broad institutional acceptance of our proprietary product and market leading servicing platform," continued Pardes.

"This transaction demonstrates desirability, even with cross-border investors, of WBL's well-structured, proprietary business loan product. WBL's veteran management and underwriting team has created an exciting new secured asset class for investors," said Matthew Yoon, Managing Director and Head of Asia at Pi Capital International LLC, which advised WBL in the transaction. 

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