FirstCity Financial updates repayment terms of reducing note facility

By Marisa Wong

Madison, Wis., May 23 - FirstCity Financial Corp. amended the repayment terms of its amended and restated reducing note facility agreement dated Dec. 19, 2011 in connection with its merger with Hotspurs Holdings LLC, according to an 8-K filing with the Securities and Exchange Commission.

The repayment provisions of the facility agreement were modified so that the principal balance outstanding on the loans does not exceed $40 million at Dec. 31, $35 million at March 31; $30 million at June 30; $25 million at Sept. 30, $20 million at Dec. 31, 2013, $15 million at March 31, 2014, $10 million at June 30, 2014, $5 million at Sept. 30, 2014 and zero at maturity on Dec. 31, 2014.

The original $268.6 million reducing note facility was executed in June 2010.

FirstCity is a Waco, Texas-based diversified financial services company. Hotspurs is an investment fund managed by Varde Management, LP.

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