Regional Management amends, restates senior revolving credit facility

By Alyssa Stahr

Chicago, Sept. 21 – Regional Management Corp. has renewed and amended its senior revolving credit facility, increasing its committed line to $538 million from $500 million, according to a Monday press release.

The company also received a maturity extension to September 2018 from May 2016.

The upper limit of the accordion feature of the credit facility remains at $600 million, according to the release.

Interest will be payable monthly at Libor plus 300 basis points with a floor for Libor of 1%. The Libor maturity can be between one month and six months.

The company also will pay an unused line fee of 50 bps, which declines to 37.5 bps at certain usage levels, payable monthly, the release states.

Additionally, Capital Bank NA comes on board as a lender as part of the agreement.

Regional Management also reserves the right to pursue an automobile loan securitization of up to $100 million without causing a reduction in the committed line.

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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