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Prestige Financial Acquires New Line of Credit With Wells Fargo

March 03, 2009

SALT LAKE CITY — Prestige Financial Services Inc., an affiliate of the Larry H. Miller Group of Companies, has established a three-year senior secured revolving line of credit with Wells Fargo Preferred Capital (WFPC).

The facility, which replaces an existing line of credit, will support the Salt Lake City-based company’s ongoing auto financing activities.

The facility is structured with WFPC as both lead lender and agent, and will allow additional lenders to participate in syndication, to a maximum principal amount of $300 million.

“This line of credit adds another facet to our outstanding, long-term relationship with Prestige’s parent, the Larry H. Miller Group,” says Tom Murphy, president of WFPC. “Prestige’s proven expertise as an originator and servicer, combined with the Miller backing, presented a compelling case for us to further Wells Fargo’s support of consumer credit through this new facility.”

Now in its 15th year of operations, Prestige provides consumer financing solutions for automobile dealerships both within and outside of the Larry H. Miller Group, the nation’s 10th-largest auto retailer. Prestige manages more than $600 million of automobile loans and is recognized throughout the industry for its innovative lending programs and strong portfolio performance.

“Amid unprecedented disruption in our industry, Prestige is pleased to have the support of a partner as widely-respected as Wells Fargo,” notes Prestige CEO Robert Avery. “We’ve made remarkable advances in both the yield and performance of our recent originations, and this facility will play an important role in our continued success.”

Greg Miller, CEO of the Larry H. Miller Group, adds, “We are pleased to expand our long-standing relationship with Wells Fargo. This relationship has contributed significantly to our growth over the years, and we look forward to working more closely with them in the future.”

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