FirstCity obtains $268.6 million reducing note facility agreement

By Sara Rosenberg

New York, June 30 - FirstCity Financial Corp. closed on a $268.6 million reducing note facility agreement, according to a news release.

Bank of Scotland acted as the lead bank on the deal.

Pricing on the facility is Libor plus 350 basis points with a 1% Libor floor.

Amortization on the facility is $43.6 million in the first year, $80 million in the second year, $80 million in the first nine months of the third year and $65 million at maturity.

There is a minimum tangible net worth requirement of $60 million.

Proceeds were used to refinance the company's existing senior credit facilities.

FirstCity is a Waco, Texas-based diversified financial services company.

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