Standard Premium secures $115 million revolving credit facility

Standard Premium Finance Holdings Inc. (OTCQX: SPFX) closed a revolving credit facility providing up to $115 million in borrowing capacity on September 30. The facility includes an initial commitment of $75 million and an additional $40 million accordion feature.

First Horizon Bank (NYSE: FHN) led the syndication, with participation from Flagstar Bank (NYSE: FLG) and Cadence Bank (NYSE: CADE). The three institutions have more than $220 billion in combined assets. The agreement carries a lower interest rate compared to prior agreements.

"We are proud to expand our relationship with Standard Premium and welcome Flagstar and Cadence as participants in this agreement," said Jack Perkins, vice president at First Horizon Bank.

The new credit line more than doubles the company's previous $50 million facility. Standard Premium operates as a specialty finance company that has financed premiums on over $2 billion of property and casualty insurance policies since 1991.

"This syndicated credit facility positions Standard Premium for the next phase of growth as we invest in innovation and deliver value for our customers and stakeholders," said William Koppelmann, CEO of Standard Premium. "We are grateful to First Horizon, Flagstar and Cadence for establishing this credit facility."

Standard Premium currently operates in 38 states and provides premium financing solutions for insurance policies. The Miami-based company trades on the OTCQX market under the ticker SPFX.

You May Also Be Interested In

• QXO prices $3 billion in senior notes to fund TopBuild acquisition
• OUTFRONT Media prices $500 million senior notes at 6% due 2034
• Hitek Global completes $8 million registered direct offering