Westlake Announces New $300 Million Credit Facility
Westlake Financial Services, with the assistance of JP Morgan and Royal Bank of Scotland, secured a $300 million credit facility that will fuel originations and growth plans.
LOS ANGELES — Westlake Financial Services, a full-spectrum auto finance company, announced a $200 million commercial paper conduit through Royal Bank of Scotland (RBS). JP Morgan recently joined with RBS to increase the credit facility by an additional $100 million, raising total capacity to $300 million.
Paul Kerwin, Westlake’s Chief Financial Officer, explained that the RBS commercial paper conduit was executed last December and represented a significant increase to Westlake’s overall operating capital. He went on to say that JP Morgan joined with RBS to increase the facility in July 2012 by $100 million; that increase was executed July 26.
“Westlake Financial Services is pleased to announce this new partnership with Royal Bank of Scotland and JP Morgan. We appreciate the confidence these two well-regarded giants in the industry have shown in us,” Kerwin said. “With this new source of liquidity, Westlake is extremely well positioned to expand and continue the record growth that we have been experiencing since our incorporation 25 years ago.”
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