Westlake Financial Gains New Credit Facility to Add Sales Reps, Further Assist Dealers

March 04, 2010

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LOS ANGELES — Westlake Financial Services announced this week that it now has a new revolving securitization from Wells Fargo Preferred Capital.

The facility, which will be funded through a Westlake subsidiary, Westlake Funding III, is for $100 million and will mature over three years.

The new facility is in addition to Westlake's existing $240 million facility with Wells Fargo Preferred Capital and three other banks.

Paul Kerwin, chief financial officer for Westlake, said the new credit line will provide the company with "significant additional liquidity to expand the product offerings and services provided to dealers."

More specifically, he said, "With the addition of this new facility, Wells Fargo has enabled us to hire additional sales representatives and expand into new markets despite the tough economic times."

Meanwhile, Tom Murphy, president of Wells Fargo Preferred Capital, added, "Wells Fargo Preferred Capital prides itself on delivering innovative solutions to our borrowers in support of their capital needs. This recent financing expands Westlake's lending capacity, which in turn, supports the financing of more consumer automobile purchases in the markets they serve."

Ian Anderson, president of Westlake, pointed out that the new credit line will "enable us to provide financing options to consumers most in need of credit. For many people, a vehicle is essential for their day-to-day lives and Westlake is proud to be there for those consumers. We're making lives better."

Westlake is an affiliate of the Hankey Group of Companies. Wells Fargo has provided the Hankey Group with financial products and services for more than 20 years, officials noted.