Online Resources refinances $85M loan |
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Wed, 21 Feb 2007 22:59
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CHANTILLY, Va. (AP) - Online Resources Corp., an Internet banking service company, said Wednesday it refinanced an $85 million loan at a lower interest rate and opened a new line of credit.Online Resources, which initially borrowed the money to buy Princeton eCom last July, lowered the loan's interest rate by 4.25 percentage points and opened a $15 million revolving credit line.The new secured loan, financed through Bank of America and syndication agent Silicon Valley Bank, has a five-year term to repay, beginning in the second half of 2008.Separately, the company said it wrote off $3.9 million in debt issuance costs and paid $1.7 million in prepayment fees related to the initial loan.Shares of Online Resources gained 24 cents, or 2.54 percent, to $9.70 on the Nasdaq Stock Market.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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