Mint Leasing Renews Credit Line to Further Expand Leasing Portfolio
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HOUSTON — Mint Leasing announced today that it has renewed its credit line with Sterling Bank of Houston. Basically, the company entered into a modification, renewal and extension for the amount of $29.2 million.
The maturity date of the line of credit is now extended until Oct. 10, 2010. The renewal bears interest at the prime rate plus 2 percent and is subject to a floor of 6 percent.
Mint Leasing specializes in providing leasing services to customers of franchised dealers.
"We are pleased to announce this renewal agreement with Sterling Bank," remarked Jerry Parish, chief executive officer of Mint Leasing.
"When combined with the funds available under our line of credit with Moody Bank, the renewal and extension of the Sterling Bank line will provide the funds necessary to further expand our leasing portfolio in the coming months," he added.
