Regional Management draws down $50 million on revolving facility

By Sarah Lizee

Olympia, Wash., March 26 – Regional Management Corp. drew down $50 million on its senior revolving credit facility on March 20 in order to maintain additional cash on hand, according to a press release.

As of Wednesday, the company had about $62 million of immediate availability to draw down cash from its revolvers, which are led by Wells Fargo, Credit Suisse and Bank of America.

The company had about $366 million of unused capacity on its various credit facilities as of Wednesday, subject to the borrowing base, and therefore the company does not believe it will require access to the securitization market through 2021.

“In sum, we believe we have more than adequate capacity to support the fundamental operations of our business throughout the Covid-19 pandemic,” the company said in the release.

Regional Management Corp. is a Greenville, S.C.-based diversified specialty consumer finance company providing a broad array of loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies and other traditional lenders.

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