Dave Amends Credit Facility to Increase Capacity and Advance Rate, Reduce Cost of Funds, and Extend Maturity
2023年9月19日 - 5:05AM
Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the
nation’s leading neobanks, has amended its existing Delayed Draw
Senior Secured Loan Facility (the “Credit Facility”) with Victory
Park Capital Advisors, LLC (“VPC”), effective September 13, 2023.
The amendment to the Credit Facility
accomplishes the following:
- Increases the total size by $50
million to $150 million;
- Increases the advance rate by over
800 basis points based on the $75 million outstanding balance on
the Credit Facility as of June 30, 2023;
- Reduces cost of funds by nearly 200
basis points based on the outstanding balance as of June 30, 2023;
and
- Extends the maturity by
approximately two years to December 15, 2026.
“This amendment to our credit facility provides
Dave with more leverage, more capacity, and more term at a lower
cost which will further support our growth objectives as well as
our liquidity position,” said Jason Wilk, Founder and CEO of Dave.
“In light of the higher interest rate environment and tighter
capital markets conditions, securing this amendment to the credit
facility speaks volumes about the strength of our business and unit
economics. I want to thank VPC for their long-term partnership and
for providing us with additional capital to continue serving the
banking needs of our growing member base.”
“We are proud of our long-standing relationship
with Dave and look forward to continuing our partnership with the
extension of this credit facility,” added Jason Brown, Partner at
VPC.
About Dave
Dave (Nasdaq: DAVE) is a leading U.S. neobank
and fintech pioneer serving millions of everyday Americans. Dave
uses disruptive technologies to provide best-in-class banking
services at a fraction of the price of incumbents. Dave partners
with Evolve Bank & Trust, member FDIC. For more information
about the company, visit: www.dave.com. For investor information
and updates, visit: investors.dave.com and follow @davebanking on
Twitter.
About Victory Park Capital Advisors,
LLC
VPC is an SEC-registered, established credit
manager. The Firm was founded in 2007 and is headquartered in
Chicago, Illinois, with additional resources in New York, Los
Angeles, San Francisco, and London. VPC provides custom financing
solutions across the private capital spectrum, focusing on
companies with strong corporate governance and a compelling growth
trajectory. VPC invests in emerging and established businesses
across various industries worldwide. For more information, please
visit www.victoryparkcapital.com.
Forward-Looking Statements
This press release includes forward-looking
statements, which are subject to the “safe harbor” provisions of
the U.S. Private Securities Litigation Reform Act of 1995. These
statements may be identified by words such as “feel,” “believes,”
expects,” “estimates,” “projects,” “intends,” “should,” “is to be,”
or the negative of such terms, or other comparable terminology and
include, among other things, the quotations of our Chief Executive
Officer relating to Dave’s future performance and growth and other
statements about future events. Such forward-looking statements are
not guarantees of future performance and are subject to risks and
uncertainties, which could cause actual results to differ
materially from the forward-looking statements contained herein due
to many factors, including, but not limited to: the ability of Dave
to compete in its highly competitive industry; the ability of Dave
to keep pace with the rapid technological developments in its
industry and the larger financial services industry; the ability of
Dave to manage its growth as a public company; disruptions to
Dave’s operations as a result of becoming a public company; the
ability of Dave to remediate material weaknesses in Dave’s internal
controls over financial reporting and maintain an effective system
of internal control over financial reporting; the ability of Dave
to protect intellectual property and trade secrets; changes in
applicable laws or regulations and extensive and evolving
government regulations that impact operations and business; the
ability to attract or maintain a qualified workforce; level of
product service failures that could lead Dave members to use
competitors’ services; investigations, claims, disputes,
enforcement actions, litigation and/or other regulatory or legal
proceedings; the possibility that Dave may be adversely affected by
other economic, business, and/or competitive factors; and those
factors discussed in Dave’s Annual Report on Form 10-K filed with
the Securities and Exchange Commission (the “SEC”) on March 13,
2023 and subsequent Quarterly Reports on Form 10-Q under the
heading “Risk Factors,” filed with the SEC and other reports and
documents Dave files from time to time with the SEC. Any
forward-looking statements speak only as of the date on which they
are made, and Dave undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date of this press release.
Investor Relations Contact
Sean Mansouri, CFAElevate
IRDAVE@elevate-ir.com
Media Contact
Kira Sarkisian, Director of
Communicationspress@dave.com
Dave (NASDAQ:DAVE)
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Dave (NASDAQ:DAVE)
過去 株価チャート
から 9 2023 まで 9 2024