SquareTwo increases revolver to maximum of $215 million, cuts interest

By Angela McDaniels

Tacoma, Wash., May 17 - SquareTwo Financial Corp. amended its revolving credit facility on Friday, increasing its maximum size to $215 million.

The company elected to have $204 million of that amount currently available, according to an 8-K filing with the Securities and Exchange Commission.

The amendment also lowered the interest rate margin by 25 basis points - the interest rate is now Libor plus 475 bps - and the Libor floor by 50 bps to 1.5%.

Each lender that increased its commitment will receive a nonrefundable commitment fee equal to 1% of the amount by which the commitment increased.

Ally Commercial Finance LLC is the administrative agent.

SquareTwo is a Denver-based asset recovery and management company.

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