Printer Friendly

REGIONAL ACCEPTANCE CORPORATION ANNOUNCES NEW LOAN AGREEMENTS

 GREENVILLE, N.C., Sept. 21 /PRNewswire/ -- Regional Acceptance Corporation (NASDAQ-NMS: REGA) announced that it has obtained commitments for new Senior Debt agreements from its current lead lender, Bank America Business Credit, and from First Union National Bank of North Carolina. The new loan agreements give the company the option to borrow on various terms including loans priced at approximately one half percent over the prime rate of interest. Alternatively, the company can borrow at approximately 2.5 percent over the London Interbank Offered Rate ("LIBOR"). The LIBOR loans are 30 days to 6 month terms at fixed interest rates. The company expects to finalize the new agreement by Oct. 29.
 President Bill Stallings stated the new loan agreement reflects the company's strengthened capital position following the mid June initial public offering. Stallings added that the company has also negotiated interest rate caps with a commerical bank. The caps will protect against large increases in market interest rates during the life of the company's current loan portfolio.
 Regional Acceptance Corporation finances consumer purchases of late model used automobiles and also makes direct consumer loans. The company operates 13 branch offices from Raleigh to the coast of North Carolina.
 -0- 9/21/93
 /CONTACT: Robert D. Barry, Chief Financial Officer of Regional Acceptance Corporation, 919-756-2148/
 (REGA)


CO: Regional Acceptance Corporation ST: North Carolina IN: FIN AUT SU:

MM -- CH009 -- 4340 09/21/93 16:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 21, 1993
Words:234
Previous Article:WAL-MART ANNOUNCES AWARD HONORING LEADERS IN AMERICA'S SMALL TOWNS
Next Article:STANDARD & POORS UPGRADES RATING FOR FIRST UNION CORPORATION
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters