Western Capital Resources, Inc. Enters into Credit Agreement with Fifth Third Bank
April 28, 2016 at 08:01 pm
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On April 22, 2016, Western Capital Resources, Inc. entered into a credit agreement with Fifth Third Bank, as lender. The credit agreement provides the company with a revolving credit facility in an aggregate amount of up to $3,000,000, having a maturity date of April 21, 2018, and an acquisition loan facility in an aggregate amount of up to $9,000,000, having a maturity date of April 21, 2018. Under the Credit Agreement, both the revolving credit facility and acquisition loan facility bear interest at a floating per annum rate equal to one-month LIBOR plus 3.50%, adjusted on a monthly basis.
Certain company subsidiaries are guarantors of the company's borrowings and obligations under the credit agreement. All borrowings under the credit agreement are secured by substantially all assets of the company and the guarantor subsidiaries.
Western Capital Resources, Inc. is a holding company. The Company's segments are Cellular Retail, Direct to Consumer, Manufacturing and Consumer Finance. The Cellular Retail segment consists of an authorized Cricket Wireless dealer and involves the retail sale of cellular phones and accessories to consumers through its subsidiary PQH Wireless, Inc. and its subsidiaries. The Direct to Consumer segment consists of an online and direct marketing retailer and distributor of live plants, seeds, holiday gifts and garden accessories under the Jackson & Perkins, Park Seed and Wayside Gardens brands, and home improvement and restoration products operating under the Van Dyke's Restorers brand. The Manufacturing segment consists of Swisher Acquisition, Inc., a manufacturer of lawn and garden power equipment and emergency safety shelters. The Consumer Finance segment consists of retail financial services conducted through its subsidiaries, Wyoming Financial Lenders, Inc. and Express Pawn, Inc.
WESTERN CAPITAL RESOURCES, INC. 
