February 12, 2021
Mexican asset-based lender Mexarrend said it signed a revolving credit facility with Credit Suisse for MXN3 billion ($150 million) to set aside more provisions as it expands its loan portfolio.
The Mexico City-based company has the option to increase the warehouse line of credit to a total of MXN4.2 billion, Mexarrend said in a securities filing on Wednesday.
The new loan diversifies Mexarrend's debt profile "significantly" to fund loan growth in the coming months and years, the company added.
Mexican asset-based lender borrows $150 mln to set aside more provisions as it expands its loan portfolio