IRVING, Texas — Exeter Finance Corp., a specialty auto finance company, announced the expansion and extension of its warehouse credit facility from $600 million to $1.075 billion. The new borrowing base has a revolving period that matures in October 2015.

The expanded credit facility includes commitments from Wells Fargo, Citigroup, Deutsche Bank AG, New York Branch and Goldman Sachs Bank USA. Exeter uses warehouse credit facilities for short-term financing of its receivables until it permanently finances the receivables in securitization transactions.

“We’re pleased with the continued support of our bank partners as we build out Exeter’s national footprint,” said Mark Floyd, CEO of Exeter. The company is now originating business in 44 states through 46 offices, which include a combination of local and regional branches as well as our national service center in Irving, Texas. The company is currently purchasing contracts from approximately 7,000 dealers and Floyd said he expects that number to continue to grow at a steady pace.”

“Exeter’s tremendous progress over the past year is a testament to Mark and his team’s skill in building out a leading national auto lending platform,” said Nadim El Gabbani, principal at Blackstone. “We are fortunate to be working in partnership with an excellent group of banks, and the current warehouse facility and recent ABS issuance will allow the company to continue pursuing its growth plan.”

Exeter completed its second rated term securitization in September, issuing $300 million in notes backed by subprime automobile installment receivables.