Resource America, Inc. Repays $10.0 Million of Debt and Extends and Modifies Its Senior Notes and Corporate Credit Facility
(firmenpresse) - PHILADELPHIA, PA -- (Marketwire) -- 11/29/11 -- (NASDAQ: REXI) announces that it has modified $10.0 million of its senior notes to extend the maturity date from October 5, 2012 to October 15, 2013 and lowered the interest rate to 9% from 12%. In connection with the transaction the Company redeemed for cash $8.8 million of the original $18.8 million of senior notes issued through the Company's October 2009 private placement.
The Company also reports that it has extended the maturity of its revolving credit facility with TD Bank (the "Facility") to August 31, 2013 from August 31, 2012. In connection with amending the Facility, the Company has repaid $1.15 million and terminated the term loan component of the Facility.
Thomas Elliott, CFO and SVP of Resource America, commented, "We are pleased with the modifications to extend our debt maturities and reduce our interest costs. The Company has significantly reduced its corporate debt exposure while maintaining substantial liquidity and availability under its credit facilities to continue to grow its existing businesses."
Resource America, Inc. is a specialized asset management company that uses industry specific expertise to generate and administer investment opportunities for its own account and for outside investors in the real estate, commercial finance, and financial fund management sectors. For more information please visit our website at or contact Marketing and Investor Relations at .
Certain matters discussed within this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially from expectations include financial performance, regulatory changes, changes in local or national economic conditions and other risks detailed from time to time in the Company's reports filed with the SEC, including quarterly reports on Form 10-Q, reports on Form 8-K and annual reports on Form 10-K. The Company undertakes no obligation to update or revise any forward looking statement to reflect new or changing information or events.
Resource America, Inc.
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Datum: 29.11.2011 - 21:05 Uhr
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News-ID 92221
Anzahl Zeichen: 4520
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Commercial & Investment Banking
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