Ministry gets $100 million credit facility

By Sara Rosenberg

New York, May 20 - Ministry Partners Investment Corp. closed on a new $100 million CUSO credit facility due Sept. 1, 2012, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

Members United Corporate Federal Credit Union provided the loan, which closed on May 15.

Under the facility, the company may request advances under a "demand loan" or "term loan." A demand loan is a loan with a maximum term of one year and a variable rate based upon the prime rate, as adjusted by a spread. A term loan is a fixed or variable loan that has a set maturity date not to exceed 12 years.

During the period when draws may be made, the loan will accrue interest at a rate of the Federal Funds open rate plus 125 basis points.

Once the facility is fully drawn, the total outstanding balance will be termed out over a five-year period with a 30-year amortization payment schedule.

Security is certain mortgage loan investments.

Proceeds were used to replace the company's $50 million credit facility and will be available to acquire mortgage loan investments.

Ministry is a Brea, Calif.-based investment company.

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