1st Franklin Financial amends credit facility, extends it to 2016

By Angela McDaniels

Tacoma, Wash., Sept. 10 - 1st Franklin Financial Corp. amended its credit facility to extend it to Sept. 11, 2016 from Sept. 11, 2014, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also changed the credit facility so that it now provides for borrowings of up to $100 million or 70% of the company's net finance receivables, whichever is less.

The amendment was made Sept. 4.

The interest rate is 3.75% or Libor plus 300 bps, whichever is greater, according to the company's latest 10-K filing.

Wells Fargo Preferred Capital Inc. is the agent.

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

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