Asta Funding Announces New $175 Million Credit Facility

Published on:
12 September 2006 at 10:21 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00014393-asta-funding-announces-new-175-million-cr/

Asta Funding, Inc., a leading consumer receivables asset management and liquidation company, today announced that it has obtained a new three-year credit facility of $175 million with an expandable feature which allows the Company the ability to increase the line to $225 million. A syndicate of lenders underwrote this three-year facility led by Israel Discount Bank of New York (IDB Bank) and Merrill Lynch Capital.

Gary Stern, Chief Executive Officer of Asta Funding, said, “We are pleased to announce this new credit facility, which not only is larger, but on more favorable terms than the prior facility. We are highly comfortable with current debt levels and feel such a facility will enable the company to react quickly and opportunistically as prospects arise. We are thankful to our lenders for their confidence and support in Asta Funding.”