MicroFinancial Inc. (MFI) announced that its operating subsidiary, TimePayment Corp., has increased its revolving line of credit from $100 million to $150 million with a six member bank syndicate led by Sovereign Bank, a subsidiary of Santander Holdings USA, Inc. and Banco Santander, S.A. (SAN).
The credit agreement allows the company to borrow up to $150 million against eligible lease receivables subject to a borrowing base calculation. The interest rate under the amended agreement continues to provide for either a Prime Rate based or a Libor Rate based borrowing at the Company's option and the maturity date of the amended facility was extended to December 21, 2016.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.