LEAF Financial Corporation Closes New $150 Million Credit Facility
PHILADELPHIA, PA--(Marketwire - November 25, 2008) - LEAF Financial Corporation, the commercial
finance subsidiary of Resource America, Inc. (NASDAQ: REXI), announced
today that it has entered into a new, five-year revolving $150 million
credit facility with a major international bank. This facility will
support the activities of its public limited partnership, LEAF Equipment
Leasing Income Fund III, L.P. Approximately $100 million of the facility
will be used to refinance a maturing credit facility with Merrill Lynch,
and the remainder will be used to fund the ongoing originations of LEAF
III.
Crit DeMent, Chairman and Chief Executive Officer of LEAF, stated, "We are
very pleased to enter into this relationship with a solid financial
institution with a long term commitment to our industry. The addition of
this line will position us to better execute on our business model for LEAF
III."
LEAF is a commercial finance and equipment leasing company with
approximately $1.6 billion in assets under management as of June 30, 2008.
Resource America, Inc. is a specialized asset management company that uses
industry specific expertise to generate and administer investment
opportunities for its own account and for outside investors in the
commercial finance, real estate and financial fund management sectors. For
more information please visit our website at www.resourceamerica.com or
contact pkamdar@resourceamerica.com.
Certain matters discussed within this press release are forward-looking
statements within the meaning of the Private Securities Litigation Reform
Act of 1995. Although Resource America, Inc. believes the expectations
reflected in such forward-looking statements are based on reasonable
assumptions, it can give no assurance that its expectations will be
attained. Factors that could cause actual results to differ materially
from expectations include financial performance, regulatory changes,
changes in local or national economic conditions and other risks detailed
from time to time in the Company's reports filed with the SEC, including
quarterly reports on Form 10Q, reports on Form 8-K and annual reports on
Form 10-K.