![]() ![]() This transaction underscores their partner-driven approach and positions Sunlight to return to profitability following the dramatic increase in interest rates that has impacted our industry over the past 12 months,” said Matt Potere, Chief Executive Officer of Sunlight. “We are pleased to build on our long-standing relationship with Cross River. Following funding of the New Term Loan and the termination of the SVB Facility, Sunlight will have no debt maturities in 2023 or 2024. Proceeds from the New Term Loan will be used to repay outstanding borrowings under the Company’s revolving credit facility with Silicon Valley Bank (the “SVB Facility”) which matures on April 26, 2023, to fund deferred proceeds, to pay certain accrued expenses and for general corporate purposes. The agreement includes a commitment for a new $89 million first lien term loan (the “New Term Loan”) and modifications to the Cross River loan program agreement (the “Warehouse Facility”) that increase availability under the facility, extend its maturity and reduce its cost. (“Sunlight Financial”, "Sunlight" or the “Company”) (NYSE: SUNL), a premier, technology-enabled point-of-sale finance company, today announced the signing of a commitment and transaction support agreement (“CTSA”) with Cross River Bank (“Cross River”) to strengthen the Company’s balance sheet and bolster liquidity. Announcing Fourth Quarter and Full Year 2022 Results and Filing 10-K in First Half of April.Completed Headcount Reduction that Will Result in ~$5 Million of Annualized Savings.Extends Maturity of Warehouse Facility from December 2023 to September 2025. ![]() Increases Capacity and Lowers Cost of Existing Warehouse Facility to Support New Loan Originations.Refinances SVB Credit Facility with New Term Loan that Matures in September 2025. ![]()
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