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Credit Suisse, Veritas Auto Finance Close $92.5MM Revolving Credit Facility

February 02, 2016, 07:26 AM
Filed Under: Lender Finance

Veritas Autofinance, LLC announced that it has entered into a new one year revolving credit agreement with Credit Suisse AG.

Loans under the credit facility were rated by DBRS, Inc. and will be secured by automobile receivables that Veritas now holds or will purchase from dealers in the future. Veritas may borrow on a revolving basis through January 20, 2017, after which the Company and Credit Suisse may mutually elect to extend the facility (subject to confirmation of DBRS Ratings) for another twelve month period or the company may exercise its option to either repay the outstanding loans in full or allow them to amortize.

“We are extremely pleased to have entered into this rated facility with Credit Suisse,” said Vince Scardina, Chief Financial Officer. “This transaction is a milestone for the Company in that it creates significant additional funding capacity and paves the way for future growth in originations volume to enable our portfolio to reach the critical mass needed to access the securitization markets.”

Veritas Autofinance, LLC is an independent specialty finance company that purchases retail automobile installment sales contracts originated by franchised dealers in the connection with the sale of new and late model used automobiles.

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