LONDON (Alliance News) - Distribution Finance Capital Holdings PLC said Monday it has agreed to a GBP40.3 million revolving mezzanine credit facility with funds managed by Ares Management Corp.
Alongside its existing facility with Citibank agreed in April, this provides the lender with the required liquidity to grow as it continues to transition itself into a deposit funding model.
The facility with Ares extends to December 2020, and alongside with the Citibank facility, results in a blended group wholesale funding margin of 5.2% over LIBOR.
"This facility with Ares, giving us greater flexibility in our funding options to address the wide opportunity set in front of us over the medium term has always been a key part of our strategy, and its completion is another important part in our evolution. We look forward to a long partnership with a supportive and innovative firm," Chief Executive Christopher Dailey.
Shares in Distribution Finance Capital Holdings were untraded on Monday, last quoted at 125.00 pence.
Distrib. Fin. (DFCH)