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Propel announces upsized $330 million syndicated credit facility
Propel announces upsized $330 million syndicated credit facility Canada NewsWire ...
About this update from Propel Holdings, Inc.
[{"type":"text","content":"\n \n \n \n Propel announces upsized $330 million syndicated credit facility\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n July 25, 2024\n \n \n /CNW/ - Propel Holdings Inc. (\"Propel\") (TSX: PRL), the fintech facilitating access to credit for underserved consumers, announced an upsize of\n \n $80 million\n \n to its existing syndicated credit facility for the CreditFresh line of business (\"the credit facility\"). With the upsize, the total commitment for the credit facility is\n \n $330 million\n \n .\n \n \n \n \n \n \n \n \n \n CreditFresh's loan portfolio has experienced incredibly strong growth over the past several years driven by the expansion of its bank partnerships and delivery of best-in-class products for the underserved market in the US. The upsized credit facility will further support Propel's growth strategy. The credit facility continues to be led by sophisticated lenders Bastion Management and affiliates thereof (\"Bastion\") and Hudson Cove Capital Management, LLC and affiliates thereof (\"Hudson Cove\"). The syndicate also includes new banks.\n \n \n \"We have ambitious growth plans. This credit facility will enable us to provide liquidity to support the ongoing growth of the CreditFresh portfolio. The continued support from large, institutional lenders, such as Bastion and\n \n Hudson Cove\n \n , and the addition of new industry-leading banks to the syndicate, is a testament to Propel's strong fundamentals and performance. Propel has delivered quarter after quarter of record results, while also building financial opportunity for underserved consumers. We are incredibly confident in our ability to continue our growth trajectory and deliver value to our investors and partners,\" said\n \n Clive Kinross\n \n , Propel's Chief Executive Officer.\n \n \n \n About Propel\n \n \n \n Propel Holdings (TSX: PRL) is the fintech company building a new world of financial opportunity for consumers, partners, and investors. Propel's operating brands — Fora Credit, CreditFresh and Mon...