Resource America (REXI) Extends Maturity, Revises Rate on Senior Notes; Redeems $10M in Debt
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Resource America, Inc. (NASDAQ: REXI) announces that it has modified $10.0 million of its senior notes to extend the maturity date from October 5, 2012 to October 15, 2013 and lowered the interest rate to 9% from 12%. In connection with the transaction the Company redeemed for cash $8.8 million of the original $18.8 million of senior notes issued through the Company's October 2009 private placement.
The Company also reports that it has extended the maturity of its revolving credit facility with TD Bank (the "Facility") to August 31, 2013 from August 31, 2012. In connection with amending the Facility, the Company has repaid $1.15 million and terminated the term loan component of the Facility.
The Company also reports that it has extended the maturity of its revolving credit facility with TD Bank (the "Facility") to August 31, 2013 from August 31, 2012. In connection with amending the Facility, the Company has repaid $1.15 million and terminated the term loan component of the Facility.
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