Last week, in a huge vote of confidence for the massive opportunity that currently exists in the charged-off consumer debt market, two banking behemoths announced the completion of a new senior secured credit facility for major Wall Street debt buyer Asset Acceptance Capital Corp.
J.P. Morgan Securities LLC and RBS Citizens N.A. will be the leaders in a syndicate of banks for the newly established $270.5 million credit facility.
The President and CEO of Asset Acceptance Capital Corp (Rion Needs) was happy with the increase of his current credit lines and stated,
“We are extremely pleased to announce this new credit facility, which substantially improves our financial flexibility, allowing us to further execute on our long-term growth strategy. We now have additional liquidity available to pursue our growth initiatives through expanded purchasing and collections capabilities and a continued focus on enhancing operational efficiencies. Entering into this new credit facility marks another important milestone in the development of our Company, as we continue to drive financial and operational improvement throughout the business and build on the momentum generated in 2011.”
With major banks not only participating but INCREASING their stakes in this industry, we are more confident than ever in the opportunity that sits before us.
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