PORTLAND, Ore. - TRM Corp. has completed two financing facilities that will help it expand its network of SmartATMs - PC-based automated teller machines.
It obtained a $30 million line of credit through Bank of America's commercial banking office in Portland, where TRM is based, and established a commercial paper conduit program through which an affiliate of Deutsche Genossenschaftsbank AG will provide vault cash. TRM was assisted by McDonald Investment Inc., a subsidiary of KeyCorp.
Daniel L. Spalding, vice president and chief financial officer of TRM, said, "We expect to be able to scale this facility up to the $75 million level as expansion of our ATM network continues."
SmartATMs permit money transfers and checking- account balancing and can be upgraded for Internet transactions.
