Accredited receives $100 million |
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Published
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Mon, 15 Oct 2007 13:51
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SAN DIEGO (AP) - Subprime mortgage financier Accredited Home Lenders Holding Co. said Monday it received $100 million in working capital from its new parent, LSF5 Accredited Investments LLC, a unit of private equity firm Lone Star Fund V.Accredited also said it plans to repay a $230 million loan it received earlier in the year from Farallon Capital Management LLC. The recent sale of Accredited to Lone Star triggered a clause in the loan, requiring Accredited to repay Farallon.Accredited said it would repay the loan plus all outstanding interest before the loan is due next month.Lone Star completed the acquisition of Accredited on Friday for $11.75 per share. Accredited, which makes home loans in the United States and Canada, sought a buyer after struggling with rising delinquencies among high-risk borrowers.Accredited plans to immediately resume its lending operations. In August, the company stopped taking new U.S. loan applications and said it would lay off more than 60 percent of its workers and close its retail lending business and half its wholesale division.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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