Credit Store's Senior Credit Facility is Increased.SIOUX FALLS Sioux Falls, city (1990 pop. 100,814), seat of Minnehaha co., SE S.Dak., on the Big Sioux River; settled 1856, inc. as a village 1877, as a city 1883. Settlers abandoned the site in 1862 because of Native American raids, but with the establishment (1865) of Fort , S.D.--(BUSINESS WIRE)--July 22, 1999-- Credit Line Extended 24 Months and Increased to $10 Million; May Be Expanded to $30 Million Through Syndication The Credit Store, Inc. (EBB:PLCR) said today its senior secured revolving credit Revolving Credit A line of credit where the customer pays a commitment fee and is then allowed to use the funds when they are needed. It is usually used for operating purposes, fluctuating each month depending on the customers current cash flow needs. facility provided by Coast Business Credit of Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , CA. has been renewed for an additional 24 months and increased to $10 million. In addition, Coast has agreed to seek additional lenders to participate in the revolver to increase it to $30 million. The total facility is secured by The Credit Store's inventory of charged-off consumer debt, by the performing consumer receivables owned by the Company, and by other tangible and intangible assets. The Credit Store said it will use the facility to acquire additional portfolios of consumer debt and for other corporate purposes. Coast Business Credit is a division of Southern Pacific Bank, which is a subsidiary of Imperial Credit Industries (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ICII ICII Information Cultures and Information Interests (UNESCO conference) ). Coast provided an initial 12-month, $5 million senior credit facility to The Credit Store in April 1998. After advancing the credit line to $10 million dollars, Coast Business Credit anticipates syndicating an additional $20 million bringing the total new senior line to as high as $30 million, The Credit Store said. Martin J. Burke, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Credit Store said, "We are excited that our relationship with Coast Business Credit is growing. The facility's increased line and more favorable terms allows us to acquire additional portfolios and continue to grow our business in an efficient and cost-effective manner. We believe the increased credit facility from Coast recognizes the great strides we made during fiscal 1999 which included our first three securitizations." The Credit Store, Inc. is a nationwide financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company engaged in the acquisition and recovery of non-performing consumer receivables and the origination and servicing of credit cards. The Company acquires portfolios of non-performing consumer receivables and originates new credit cards to those consumers who agree to pay all or a portion of the outstanding amount due on their debt. The new card is issued with an initial balance and credit line equal to the agreed repayment amount. After appropriate seasoning, The Credit Store attempts to sell or securitize Securitize The practice of a company selling accounts receivables or other debts owed to it. The third party that buys the debt assumes ownership of it and the responsibility for collecting the debts, and keeps the repayments when made. the credit card receivables generated by its business strategy. This press release contains certain forward-looking statements that involve risk and uncertainties. Future trends, actions or results may differ materially from those discussed in this press release. |
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