Sparta completes arrangement with large German bank
December 31, 2008
Filed under Features
Sparta Commercial Services’ wholly owned subsidiary, Sparta Funding LLC, has entered into a one-year, $25 million extendable revolving credit agreement.
The agreement is with Autobahn Funding Company LLC as lender, and DZ Bank AG Deutsche Zentral-Genossenchaftsbank New York Branch as administrative agent and liquidity agent. The new credit facility is for the purchase of retail sales and lease contracts secured by new and used powersports vehicles, including motorcycles, select scooters and ATVs, and a portion of this facility also can be used to finance municipal and commercial fleet leases. DZ Bank, based in Frankfurt, is the fifth-largest bank in Germany, is the central bank for approximately 1,000 cooperative banks and maintains a presence in key financial centers throughout the world.
Sparta Commercial Services is a New York-based, nationwide financial services company dedicated to the powersports industry.
Anthony Havens, Sparta’s CEO, said the new revolving credit facility, which requires Sparta to meet certain financial covenants prior to initial drawdown, may be increased subject to portfolio performance. Havens also said it will enable Sparta to expand its dealer network, increase the variety of eligible asset classes in the powersports market and enlarge its market share in the powersports sector.