Regional Management Corp. (NYSE:RM) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01.
Warehouse Facility
On October 17, 2019, Regional Management Corp. (the “Company”) and its wholly-owned subsidiary, Regional Management Receivables II, LLC (the “Borrower”), entered into an Amended and Restated Credit Agreement, by and among the Company, as servicer, the Borrower, the lenders from time to time parties thereto (the “Lenders”), the agents from time to time parties thereto, Wells Fargo Bank, National Association, as account bank, image file custodian, and backup servicer, Wells Fargo Bank, National Association, as administrative agent, and Credit Suisse AG, New York Branch, as structuring and syndication agent (the “Credit Agreement”). The Credit Agreement was amended and restated to, among other things, add each of Regional Finance Company of Missouri, LLC and Regional Finance Corporation of Wisconsin as an “Originator,” extend the revolving period to April 2021, raise certain concentration limits, and make certain other agreed-upon changes as reflected in prior amendments executed in connection with the Credit Agreement. The legal final maturity date under the Credit Agreement is April 2022.
The Lenders under the Credit Agreement (and their respective affiliates) have in the past provided and/or may in the future provide investment banking, underwriting, lending, commercial banking, trust, and other advisory services to the Company and its subsidiaries and affiliates. These parties have received, and may in the future receive, customary compensation from the Company and its subsidiaries and affiliates for such services.
For a complete description of the terms of the Credit Agreement, see Exhibit 10.1 hereto. The foregoing description is only a summary, does not purport to be complete, and is qualified in its entirety by reference to the full text of the Credit Agreement, which is incorporated by reference herein.
The information set forth under Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.
(d) Exhibits.
| 10.1 | Amended and Restated Credit Agreement, dated as of October 17, 2019, by and among Regional Management Receivables II, LLC, as borrower, Regional Management Corp., as servicer, the lenders from time to time parties thereto, the agents from time to time parties thereto, Wells Fargo Bank, National Association, as account bank, image file custodian, and backup servicer, Wells Fargo Bank, National Association, as administrative agent, and Credit Suisse AG, New York Branch, as structuring and syndication agent. |
