Credit agreement extended four years by existing bank syndicate matures at the end of 2022
We are is pleased to announce the expansion of our revolving credit facility to $385 million inclusive of a $50 million accordion. TimePayment is committed to continually improving program flexibility and value to its vendors and partners. With this expansion, the maturity was extended four years to December 21, 2022.
“This credit facility provides TimePayment with a stable, flexible and efficient source of funding to meet the business’s ongoing capital needs,” said Robert K. Moskovitz Chief Financial and Administrative Officer at TimePayment. “We appreciate the continued support of our bank group, this will allow us to continue building our portfolio and meet the needs of our vendor partners and their customers.”
TimePayment is a Boston-based FinTech company owned by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager. Fortress is owned by SoftBank Group Corp. (TOKYO: 9984), a global technology investor focused on advancing the Information Revolution by forming long-term partnerships with the most superior companies in the information industry. TimePayment leads the industry with technology tools and capital that enables equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers. The company’s proprietary credit scoring and risk-based transaction model delivers competitive lease financing solutions across the credit spectrum; from Fortune 500 companies to small business start-ups. TimePayment proudly serves more than 100,000 active accounts with transaction sizes ranging from $500 to over $500,000.