HOUSTON - Americredit Corp. said it has entered into a $20 million revolving credit agreement with First Interstate Bank of Texas.
In a press release, the company said borrowings under the credit agreement will be collateralized by the company's portfolio of indirect finance receivables.
Clifton H. Morris Jr., chairman and chief executive, said: "Although our liquid financial position will allow us to fund growth internally for some time, this credit agreement represents a step toward securing external funding for the longer term."
The company said it had $77.6 million of cash and cash equivalents at Sept. 30.