Bankers Trust Assists in Purchase from RTC
Bankers Trust said it helped a newly formed company buy Empire of America Realty Credit Corp., a large mortgage banking company, from the Resolution Trust Corp.
Bankers Trust said it served as financial adviser and agent bank in a $44.5 million acquisition loan and $220 million facility for short-term funding needs and working capital.
Empire of America Realty Credit, Buffalo, N.Y., - previously owned by a thrift in receivership - was purchased by a company created by a unit of Cargill Inc., the commodities giant; Gordon Investments, a Canadian merchant banking firm, and a venture capital pool affiliated with Prudential Securities.
Bankers Trust said the credit facility included some innovative features, including the use of serving rights as collateral for the working capital line of credit.