Independent ATM Network Refinances Debt
CHERRY HILL, N.J. – Access To Money, which operates 12,000 ATMs across the country, on Tuesday said it has obtained $5.5 million in new financing that will allow it to refinance debt from venture funds at a savings of $500,000 a year.
The proceeds of the loan, together with $2 million of cash on hand, were used to repay $7.5 million principal amount of its existing $11 million 13% note payable to its current lenders, LC Capital Master Fund, Ltd. and Cadence Special Holdings II, LLC.
The $3.5 million balance due on the note and the company's $9.8 million note payable to Douglas Falcone were restructured.
The new loan was provided by Sovereign/Santander Bank.