TimePayment, an award-winning FinTech company and market leader in sales financing for specialty equipment sellers, has announced the closing of a new $375 million revolving credit facility, including a $50 million accordion. The facility replaces its previous, primary facility that was set to mature at year end. BMO Harris Bank serves as the Lead Agent for a bank syndicate that includes eight commercial banks.
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“This new facility is an important part of our overall, long term capital markets strategy.” says Jay Haverty, President and CEO of TimePayment. “The expansion and extension of our primary facility was a priority as we continue to realize record originations and earnings growth. Having the support of an outstanding group of banking partners, many of which have worked with us for more than a decade, is something we greatly appreciate.”
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TimePayment is a Boston-based FinTech company owned by affiliates of Fortress Investment Group, a leading, highly diversified global investment manager. TimePayment leads the industry with technology tools and capital that enables equipment sellers and financial intermediaries to offer fast, paperless equipment lease financing to their customers. The company’s proprietary credit scoring and risk-based transaction model delivers competitive lease financing solutions across the credit spectrum; from Fortune 500 companies to small business start-ups.
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