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Post a commentResource America gets new terms on credit facility
Resource America Inc., a Philadelphia asset management company, received significantly better terms on a revolving credit facility from TD Bank while reducing its size to $20 million from $35 million.
The agreement was also extended until Oct. 15, 2011, from Oct. 15, 2010. The new terms reduced the interest rate on the loan to the prime rate plus 3 percent from the prime rate plus 5 percent and reduced the minimum interest rate to 7 percent from 10 percent.
The reduction in the size of the facility was paid for with a portion of the $18.8 million in proceeds from private placement of senior notes last month. - Harold Brubaker
