Prestige Financial Services, Inc. has established a $30 million senior secured line of credit with Chase. This line will serve as one of two primary sources of short-term revolving liquidity to fund the Salt Lake City-based auto finance company's consumer lending activities.
The new line of credit represents a renewed and expanding relationship between Prestige and Chase's Utah operations, and comes on the heels of a $12 million amortizing term loan facility that the two entities created in September. The line has a renewable one-year term.
"Chase's support of both Prestige and our parent, the Larry H. Miller Group of Companies, goes back many years," observes Prestige COO, Bryant Henrie. "This line of credit and the recent term deal attest to their understanding of and commitment to our growing business."
Now in its eighteenth year of operations, Prestige Financial provides consumer financing solutions for automobile dealerships both within and outside of the Miller Group, the nation's tenth-largest auto retailer, in a total of 25 states. Prestige manages a $415 million portfolio and is recognized throughout the industry for its innovative lending programs and strong portfolio performance.
This announcement appears as a matter of record only, and does not constitute an offer to sell or a solicitation of an offer to buy any security.