Accredited Home Lenders gets $200mn loan

03/20/07 - newratings.com

NEW YORK, March 20 (newratings.com) – Accredited Home Lenders Holding Co (LEND) Tuesday announced that it had secured a $200 million loan from Farallon Capital Management LLC to enhance its liquidity.

Accredited Home Lenders Holding will issue about 3.3 million warrants to Farallon Capital Management. The warrants will have an exercise price equal to $10 per share and would expire ten years after issuance. Farallon Capital Management will also receive rights to purchase additional equity securities. The loan has a five-year term, and carries a 13% interest rate.