MeriCap Credit Corp Completes $50 Million Revolving Bank Facility with Wells Fargo Foothill
OAKBROOK, IL (September 12, 2006) -- MeriCap Credit Corporation announced today that it has successfully completed a $50 million Revolving Bank Facility with Wells Fargo Foothill. US Bank Corp is acting as custodian and back-up servicer. The facility is structured as an on balance sheet, revolving debt financing. MeriCap Credit Corporation is both the originator and servicer of the transaction.
The facility will be used to fund transactions originated by MeriCap’s direct dealer channels nationwide. Said MeriCap Credit Corp Chief Financial Officer, Joel Cappon, this facility is strategically important for us as it provides the ability to finance the growth we are experiencing as a new organization and partners us with one of the most reputable lending organizations in the market.
