Asta Funding gets $175 million credit facility

By Sara Rosenberg

New York, July 11 - Asta Funding Inc. closed on a new $175 million three-year credit facility, according to a company news release.

Israel Discount Bank of New York and Merrill Lynch Capital acted as the lead banks on the deal.

There is a $50 million accordion feature.

"We are pleased to announce this new credit facility, which not only is larger, but on more favorable terms than the prior facility. We are highly comfortable with current debt levels and feel such a facility will enable the company to react quickly and opportunistically as prospects arise," said Gary Stern, chief executive officer, in the release.

Asta is an Englewood Cliffs, N.J., consumer receivables asset management and liquidation company.

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