ATLANTA, Nov. 27, 2018 /PRNewswire/ -- Atlanticus
Holdings Corporation (NASDAQ: ATLC) ("Atlanticus", "we", "our" or
"us"), a technology enabled consumer finance company, today
announced the closing of a $100 million asset-backed,
revolving credit facility with JP Morgan Chase Bank, NA, a leading
financial services provider.
The revolving credit facility follows the closing of our
previous $90 million and $100 million revolving credit facilities
associated with our Fortiva® general purpose
credit card receivables and our recent $167.3 million asset backed securitization
supporting our Fortiva® branded point-of-sale
credit card receivables. The new facility expands
the program under which we sell certain credit card
receivables acquired by us to a consolidated trust in exchange
for notes issued by the trust. The notes are secured by the
receivables and other assets of the individual trust.
"This new credit facility, coupled with our other recently
closed facilities, shows the continued interest of lenders to
partner with us as we work to meet the needs of millions of
financially underserved Americans through our platform for
financial empowerment," said Jeff
Howard, President, Atlanticus Holdings Corporation. "By
adding to our diverse funding base, we are well positioned to
continue the substantial growth in both our private label
point-of-sale credit program and our general purpose credit card
product" continued Mr. Howard.
About Atlanticus Holdings Corporation
Founded in 1996, our businesses, including the
Fortiva® branded products, utilize proprietary analytics and a
flexible technology platform to enable financial institutions to
provide various credit and related financial services and products
to the financially underserved consumer credit market. We apply the
experience gained and infrastructure built from servicing over 17
million customers and $25 billion in
consumer loans over our 22-year operating history to support
lenders that originate a range of consumer loan products. These
products include retail credit, personal loans, and credit cards
marketed through our omni-channel platform that includes, retail
point-of-sale, direct mail solicitation, Internet-based marketing,
and partnerships with third parties. Additionally, through its CAR
subsidiary, Atlanticus serves the individual needs of automotive
dealers and automotive non-prime financial organizations with
multiple financing and service programs.
Forward-Looking Statements
This press release contains forward-looking statements that are
made pursuant to safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include statements, among other things, concerning use of proceeds
from the revolving line of credit; growth and funding strategies;
and consumer demand for our products. Although Atlanticus believes
that the expectations reflected in such forward-looking statements
are reasonable, such statements involve risks and uncertainties and
you should not place undue reliance on such statements. Actual
results may differ materially from those expressed or implied in
such statements. Important factors that could cause actual results
to differ materially from these expectations include, among other
things, the timing and financing of originations; and other risk
factors detailed from time to time in Atlanticus' reports filed
with the Securities and Exchange Commission. The forward-looking
statements contained herein speak only as of the date of this press
release. Atlanticus undertakes no obligation to update or revise
any forward-looking statement, except as may be required by
law.
Contact: Investor Relations
Mitch Saunders
770.828.2626
Mitch.Saunders@Atlanticus.com
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SOURCE Atlanticus Holdings Corporation