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Propel announces upsize to CreditFresh credit facility, refinancing of MoneyKey credit facility and a lower cost of capital
Propel announces upsize to CreditFresh credit facility, refinancing of MoneyKey credit facility a...
About this update from Propel Holdings, Inc.
[{"type":"text","content":"\n\n\n\n Propel announces upsize to CreditFresh credit facility, refinancing of MoneyKey credit facility and a lower cost of capital\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; TEXT-ALIGN: LEFT; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prngen3{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n April 28, 2025\n \n\n /CNW/ - Propel Holdings Inc. (\"\n \n Propel\n \n \") (TSX: PRL), the fintech facilitating access to credit for underserved consumers, announced an amendment to and upsize of\n \n $70\n \n\n\n million to\n \n $400\n \n\n\n million to its existing syndicated credit facility for the CreditFresh line of business (the \"\n \n CreditFresh credit facility\n \n \"). Furthermore, Propel announced a refinancing of its credit facility for the MoneyKey line of business (the \"\n \n MoneyKey credit facility\n \n \"). All amounts are expressed in U.S. dollars.\n \n\n\n\n\n\n\n\n\n\n CreditFresh Credit Facility\n \n\n\n With the amendment, the CreditFresh credit facility will bear interest at an interest rate equal to the Secured Overnight Financing Rate (\"\n \n SOFR\n \n \") plus approximately 620 basis points per annum. This is a reduction from the prior interest rate of SOFR plus 750 basis points per annum. With the upsize, the total commitment for the CreditFresh credit facility is\n \n $400\n \n\n\n million.\n \n\n The CreditFresh credit facility continues to be led by Mesirow Alternative Credit (formerly Bastion Management) and affiliates thereof and Hudson Cove Capital Management, LLC and affiliates thereof (\"\n \n\n Hudson Cove\n \n\n \"). The syndicate also includes the addition of a large FDIC insured bank.\n \n\n\n MoneyKey Credit Facility\n \n...