Exeter Finance Corp., the subprime auto lender, said Friday it increased its available lending capacity by $575 million to $1.65 billion with the renewal of its warehouse funding facility. The new facility has a three-year term with a final maturity date of September 2017.
Citibank acted as the structuring agent. Lenders also included Wells Fargo, Goldman Sachs, Deutsche Bank and Barclays.
Exeter President Mark Floyd said the company was pleased with the outcome of the renewal and appreciates the ongoing support of its commercial banking partners.
“This facility provides the company with added flexibility to continue to pursue strategic growth initiatives on an opportunistic basis. Additionally, the increase in capacity and the three year tenor provided by this facility not only greatly enhance our liquidity position, but also reduce the potential business risk that could result from short term backed securitization market,” said Floyd.
