FirstCity Financial gets new $96 million revolver

By Sara Rosenberg

New York, Nov. 18 - FirstCity Financial Corp. closed on a new $96 million revolving acquisition facility due November 2008, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Bank of Scotland is the lead bank on the deal.

Borrowings under the revolver, which are secured by substantially all company assets, carry an interest rate of Libor plus 250 if the LTV ratio is less than or equal to 1.00-to-2.00 and Libor plus 275 basis points if the LTV ratio is greater than 1.00-to-2.00. There is an unused commitment fee of 20 basis points.

Proceeds will be used to finance the senior debt and equity portion of portfolio and asset purchases and to provide for the issuance of letters of credit and working capital loans.

The revolver, which closed on Nov. 12, restructured the company's existing $5 million revolver and $45 million revolving portfolio acquisition facility.

FirstCity Financial is a Waco, Texas, financial services company.

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