ArrowMark Financial increases credit facility to $102 million and extends maturity

ArrowMark Financial Corp. (NASDAQ:BANX) amended its existing credit agreement with Texas Capital Bank, increasing the maximum available revolving credit amount to $102 million from $70 million, according to a statement issued in a recent SEC filing. The expansion comes as the company, with a market capitalization of $191.7 million and trading at a P/E ratio of 14.25, seeks to bolster its investment capacity.

The amendment, which was entered into on October 7, also extends the maturity of the facility to the third anniversary of the amendment date. In addition, the company expanded its borrowing base to include additional eligible collateral. Notably, ArrowMark has maintained dividend payments for 14 consecutive years and currently offers a 6.1% dividend yield, according to InvestingPro, which tracks 4 additional key tips for the company.

ArrowMark Financial stated that it intends to use the proceeds from the credit facility to pursue its investment objectives in banking-related investments and other securities, as well as to support working capital needs.

The information is based on a press release statement included in the company’s SEC filing.