Resource America subsidiaries amend loan to extend maturity to May 15

By Jennifer Chiou

New York, April 6 - Resource America Inc.'s indirect subsidiary, LEAF Financial Corp., and its wholly owned subsidiary, LEAF Funding, Inc., entered into an amendment to extend the maturity date of their $100 million credit agreement to May 15, according to an 8-K filed with the Securities and Exchange Commission.

The companies are continuing to negotiate the terms of a longer renewal with agent PNC Bank, NA.

The amendment is effective as of March 31.

The maximum borrowing limit will be reduced by the unused capacity in excess of $25 million if created by sales of commercial finance assets to any of the LEAF-sponsored investment funds, according to the terms of the extension.

Resource America is a Philadelphia-based asset management company.

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