1st Franklin changes accordion, rate and maturity with amendment

Chicago, Nov. 22 – 1st Franklin Financial Corp. entered into a third amendment to its amended and restated loan and security agreement on Nov. 17 with Wells Fargo Bank, NA as agent, according to a 424B3 filing with the Securities and Exchange Commission.

The amendment increases the accordion to $100 million, amends the margin to 275 basis points and extends the maturity date to Feb. 28, 2024.

As of Oct. 31, there was $42.1 million outstanding and available borrowings of $187.9 million at an interest rate of 3.5%.

First Horizon Bank and Renasant Bank are listed with Wells Fargo as lenders.

1st Franklin Financial is a Toccoa, Ga.-based consumer finance business that makes direct cash loans and real estate loans.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.