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East West Bank Agents New $130MM Revolver for Wedbush Securities

June 30, 2020, 08:29 AM
Filed Under: Industry News
Related: East West Bank

East West Bank and four participating lenders closed on a 2-year $130 million senior unsecured revolving line of credit for Los Angeles-based broker dealer and investment firm Wedbush Securities Inc.

The new facility refinances an existing $85 million revolving facility. Similar to the existing facility, proceeds of the new facility will be used by Wedbush to finance short term working capital and liquidity needs.

“East West Bank is excited to have the opportunity to lead this facility for Wedbush. As the largest independent investment bank based in Southern California, we are honored to support Wedbush’s business, which has been a core member of the local business community and beyond for decades” said Andrew Stein, Senior Managing Director of East West Bank.

Dan Billings, Wedbush Securities’ EVP and Chief Financial Officer said, “Wedbush is pleased to partner with East West Bank, a respected financial institution, also with origins in Southern California. The East West Bank arranged facility provides flexibility and growth opportunities for Wedbush’s expanding business lines. We appreciate Andy’s and the East West team’s efforts in leading the facility, and we look forward to growing this mutually beneficial relationship.”

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