Exeter Finance Corp. Completes $1.65 Billion, Three-Year Warehouse Funding Facility

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Sep 19, 2014, 05:19 ET

IRVING, Texas, Sept. 19, 2014 /PRNewswire/ -- Exeter Finance Corp. (the Company) today announced that Exeter Funding II, a special purpose Delaware limited liability company and wholly owned subsidiary of the Company, completed the renewal and extension of its warehouse funding facility. In conjunction with the renewal, the Company increased available capacity to $1.65 billion, a $575 million, or 54% increase, from its previous facility. The new facility has a three-year term, with a final maturity date of September 2017.

www.ExeterFinance.com. (PRNewsFoto/Exeter Finance Corp.)

"We are very pleased with the outcome of the renewal of our warehouse funding facility, and greatly appreciate the ongoing support of our commercial banking partners," said Mark Floyd, President and Chief Executive Officer. "This facility provides the Company with added flexibility to continue to pursue strategic growth initiatives on an opportunistic basis. Additionally, the increase in capacity and the three-year tenor provided by this facility not only greatly enhance our liquidity position, but also reduce the potential business risk that could result from short-term disruptions in the asset backed securitization market," said Floyd.

Citi acted as structuring agent and administrative agent on the transaction. In addition to Citi, Wells Fargo, Goldman Sachs, Deutsche Bank and Barclays are lenders in the facility.

About Exeter Finance

Exeter Finance Corp. is a specialty auto finance company based in Irving, Texas. Exeter partners with franchised auto dealers throughout the country to make car ownership a reality for consumers. Building personal relationships and providing the highest level of service to dealers and customers have been keys to the company's success since its founding in 2006. Please visit www.exeterfinance.com to learn more.

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SOURCE Exeter Finance Corp.