Elevate Credit amends over $1 billion of credit facilities

By Wendy Van Sickle

Columbus, Ohio, Feb. 11 – Elevate Credit, Inc. amended the credit facilities for its four products with global alternative investment firm Victory Park Capital, according to a news release.

The amended credit facilities are priced at Libor plus 750 basis points, effective Feb. 1 for Elevate’s Rise and Sunny facilities and July 1 for its Elastic ESPV facility.

The facilities comprise more than $1 billion of commitments in five separate facilities, according to the release.

The facilities mature on Jan. 1, 2024, except for $35 million of subordinate debt that continues to mature on Feb. 1, 2021.

The credit facilities will fund loans originated by Elevate and its bank partners.

Based in Fort Worth, Elevate has originated $6.7 billion of non-prime credit to more than 2.2 million non-prime consumers.

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