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Instant Finance Secures $50 Million Facility
Media Release
11th April 2007
Instant Finance Secures $50 Million Facility for Growth
Personal Loan Provider Agrees Line of Credit with Global Investment Firm
Instant Finance, one of the country’s longest established personal loan providers, has negotiated a NZ$50 million long term committed funding facility from Fortress Credit Corporation. Fortress Credit Corporation is a subsidiary of Fortress Investments, a publicly listed New York based fund manager with in excess of US$30 billion of equity funds under management.
Richard de Lautour, Chief Executive of Instant Finance, commented: ‘Instant Finance sees the availability of this facility principally as a resource to enable expansion by way of acquisition. We are aware of the potential for consolidation in the industry and this agreement will allow us to continue to pursue any quality opportunities that may present themselves’
Late last year Instant Finance’s B3 ‘Investment Grade’ rating was reconfirmed by Risk Analysis Ltd, the local successor to global corporate credit rating agency Rapid Ratings.
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