Dave Amends Credit Facility To Increase Capacity And Advance Rate, Reduce Cost Of Funds, And Extend Maturity; Increases The Total Size By $50M To $150M
Portfolio Pulse from Benzinga Newsdesk
Dave Inc. (NASDAQ:DAVE) has amended its existing Delayed Draw Senior Secured Loan Facility with Victory Park Capital Advisors, increasing the total size by $50 million to $150 million, increasing the advance rate by over 800 basis points, reducing cost of funds by nearly 200 basis points, and extending the maturity by approximately two years to December 15, 2026. The amendment provides Dave with more leverage, capacity, and term at a lower cost, supporting its growth objectives and liquidity position.
September 18, 2023 | 8:09 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Dave Inc. has amended its credit facility, providing the company with more leverage, capacity, and term at a lower cost. This move supports Dave's growth objectives and liquidity position.
The amendment of the credit facility provides Dave Inc. with more financial flexibility, which is likely to support its growth objectives and improve its liquidity position. This could potentially make the company more attractive to investors, possibly leading to a short-term increase in the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100