Sezzle unit enters into $150 million asset-based revolving facility

By Wendy Van Sickle

Columbus, Ohio, April 22 – Sezzle Inc. wholly owned indirect subsidiary Sezzle Funding SPE II, LLC entered into a senior secured asset-based revolving credit facility with a borrowing capacity of up to $150 million on April 19, according to an 8-K filing with the Securities and Exchange Commission.

Bastion Funding VI, LLC is the administrative agent.

The maturity date is April 19, 2027.

The minimum utilization rate is $60 million.

Interest is at SOFR plus 675 basis points.

The advance rate under the facility is generally equal to 85% of the available receivable balance.

Sezzle Funding SPE II Parent, LLC, a wholly owned subsidiary, is serving as guarantor.

A portion of proceeds were used to repay $72 million under an existing revolving facility with Bastion Funding IV, LLC as administrative agent.

Sezzle is a Minneapolis-based provider of an alternative payment platform that offers interest-free installment plans at selected online stores.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.