DFC agrees £40.3m facility supporting continued growth with funds affiliated with Ares Management Corporation.
As outlined in DFC’s admission document, the Company was in advance discussions with a debt provider to provide a revolving mezzanine credit facility to support further growth. The Company is now pleased to announce it has signed a £40.3m facility with Ares, which, in conjunction with its Citibank (“Citi”) relationship, provides the business with the required liquidity to continue to grow in line with plan as it transitions to a deposit funding model and to address opportunities to scale in the future. Alongside the existing facility with Citi, the agreement of this facility with Ares, which extends to December 2020, will result in a blended group wholesale funding margin of 5.2% over LIBOR.
Christopher Dailey, Chief Executive of DFC said:
“This facility with Ares, giving us greater flexibility in our funding options to address the wide opportunity set in front of us over the medium term has always been a key part of our strategy, and its completion is another important part in our evolution. We look forward to a long partnership with a supportive and innovative firm.”
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