QC Holdings gets $95 million amended and restated credit facility

By Sara Rosenberg

New York, Dec. 12 - QC Holdings Inc. closed on a $95 million amended and restated credit facility due Dec. 6, 2012, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

U.S. Bank acted as the arranger and agent on the deal that was completed on Dec. 7.

The facility consists of a $50 million term loan and a $45 million revolver.

Pricing on the facility can range from Libor plus 200 basis points to 300 bps, depending on leverage. The initial rate is Libor plus 300 bps.

There is a $50 million accordion feature.

Financial covenants include EBITDA, fixed charges, leverage, total indebtedness and maximum loss ratio.

Proceeds from the term loan will be used to fund a $2.50 per share special cash dividend, payable to stockholders on Dec. 27.

QC Holdings is an Overland Park, Kan.-based provider of payday loans.

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