Asta Ups Credit Line
Asta Funding (ASFI) used the accordion feature on its credit facility to boost the line to $125 million from $100 million.
"We are pleased with the confidence our lenders have exhibited by increasing our credit facility from $60 million less than a year ago," said CEO Gary Stern. "The increases, combined with our internal cash flow, have allowed us to purchase significant portfolios, including approximately $2.1 billion in face value in our first quarter and approximately $5.5 billion of face value over the past 15 months."
The Englewood Cliffs, N.J., consumer receivables company said the credit facility is underwritten by a consortium of banks.
On Monday, shares of Asta rose 24 cents to $29.60.
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