MicroFinancial Increases, Extends Bank Credit Facility
Thursday, July 29, 2010
MicroFinancial Incorporated, a financial intermediary specializing in vendor-based leasing and finance programs for micro-ticket transactions, announced that its operating subsidiary, TimePayment Corp., has increased its revolving credit facility from $85 million to $100 million and has extended the term for an additional three years.
The loan agreement allows the company to borrow up to $100 million against eligible lease receivables subject to a borrowing base calculation. In addition, the company was also able to obtain more favorable terms under the revised credit facility.
"Our ability to increase our line of credit in this challenging economic environment demonstrates the solid relationships we have developed with our financing partners and a continued confidence in our company," said Richard Latour, president and CEO. "We are pleased to have increased our credit facility under more favorable terms and conditions which, when combined with our strong cash flow from operations, will allow us to continue to provide our customers with the financial services they need to grow their business."
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