Sole Placement Agent
Veros Credit, LLC
Debt Capital Markets
Senior Secured Credit Facility
J.P. Morgan
Transaction Details
- On February 4, 2016, Veros Credit, LLC, a leading, indirect auto finance company, raised a $130mm Senior Secured ABL Facility and a $75mm Senior Secured Conduit Facility with Capital One® Commercial Banking and J.P. Morgan, respectively
- Stephens Inc. served as sole placement agent to Veros in the transaction successfully raising over $205mm of committed, fully underwritten debt financing
- The company used the proceeds to refinance its existing $175mm Senior Secured ABL facility and will use the additional proceeds to fund receivables growth
About the company
Veros is a leading, family-owned, indirect auto finance company specializing in the purchase and servicing of retail installment sales contracts originated through a nationwide network of independent auto dealers. The company’s customer base consists of non-prime credit consumers who lack access to credit from traditional financing sources for the purchase of new and used automobiles. Veros serves a network of over 4,500 dealers across 21 states, including California, Texas, Florida, Arizona and several others. For additional information about Veros Credit, visit http://www.veroscredit.com.
Sources: Company provided information to Stephens Inc.
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