Okinus gets $40 million facility via Bastion Management

By William Gullotti

Buffalo, N.Y., July 25 – Okinus Inc. entered a $40 million senior debt facility with Bastion Management as agent, according to a press release on Tuesday.

The facility includes accordions that may boost the facility to $100 million.

Proceeds will be used to refinance an unnamed existing senior lender as well as fund future growth.

"This investment will enable us to accelerate our expansion plans, reach new markets, and provide even more flexible and accessible options for our valued customers," said Gary Allen, chief executive officer of Okinus.

Details of the facility itself, such as tenor and interest, were not disclosed in the press release.

Based in Pelham, Ga., Okinus is a consumer rent-to-own company.

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