HOUSTON — The Mint Leasing Inc., a provider of leasing services to franchised automobile dealers, announced today that it renewed a credit line worth $29.2 million with Sterling Bank of Houston.

The finance provider said its line of credit has a maturity date of Oct. 10, 2010. The renewal bears interest at the prime rate plus 2 percent, and is subject to a floor of 6 percent.

"We are pleased to announce this renewal agreement with Sterling Bank," said Jerry Parish, chief executive officer of The Mint Leasing Inc.  "When combined with the funds available under our line of credit with Moody Bank, the Renewal and extension of the Sterling Bank line will provide the funds necessary to further expand our leasing portfolio in the coming months."