Atlanticus Holdings Corporation Closes $100M Revolving Credit Facility with JP Morgan Chase Bank to Support the Fortiva Brand
Friday, November 30th, 2018
Atlanticus Holdings Corporation, a technology enabled consumer finance company, announced the closing of a $100 million asset-backed, revolving credit facility with JP Morgan Chase Bank, NA, a leading financial services provider.
The revolving credit facility follows the closing of our previous $90 million and $100 million revolving credit facilities associated with our Fortiva general purpose credit card receivables and our recent $167.3 million asset backed securitization supporting our Fortiva branded point-of-sale credit card receivables. The new facility expands the program under which we sell certain credit card receivables acquired by us to a consolidated trust in exchange for notes issued by the trust. The notes are secured by the receivables and other assets of the individual trust.
"This new credit facility, coupled with our other recently closed facilities, shows the continued interest of lenders to partner with us as we work to meet the needs of millions of financially underserved Americans through our platform for financial empowerment," said Jeff Howard, President, Atlanticus Holdings Corporation. "By adding to our diverse funding base, we are well positioned to continue the substantial growth in both our private label point-of-sale credit program and our general purpose credit card product" continued Mr. Howard.