Trade X secures $50 million senior secured revolving credit lines

By Marisa Wong

Los Angeles, Nov. 30 – Trade X Group of Cos. Inc. received two additional asset-backed lines of credit totaling $50 million to support its growth in North America and globally, according to a press release.

Each of the two senior secured revolving lines of credit are for $25 million, with an accordion feature to expand up to $50 million, for an aggregate accordion of up to $100 million.

The company said the financings will advance its mission to simplify and streamline vehicle commerce across countries and continents.

The first line of credit, designated for expansion from Canada throughout the United States, was provided by Forbright Bank, a financial institution recently rebranded from Congressional Bank.

The second line of credit is earmarked for expansion in Europe, Africa, the Middle East, and Asia and was provided by a global asset management firm.

Trade X is a Toronto-based business-to-business cross-border automotive trading marketplace.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.