XS FINANCIAL INC. XS Financial Inc. announced that it has entered into an upsized $39 million line of credit ("Credit Facility") with Needham Bank increasing its commitment from $20 million to $35 million and remaining as the administrative agent. The remaining $4 million is with an FDIC-insured bank participating in the Credit Facility. All figures are in US Dollars.
The Credit Facility has a term of two (2) years from its initial closing, maturing in August 2024. Loans made under the line of credit will bear interest at an annual rate equal to the Wall Street Journal Prime rate plus (1.0%), with a floor of (6%), and may be prepaid with no penalty at any time. XS Financial intends to use loan proceeds, together with cash on hand, to fund additional CAPEX and equipment leases with new and existing customers.
