CINCINNATI, Jan. 18, 2017 /PRNewswire/ -- TEMPOE, a leading provider of no credit required consumer leasing, announced today it has secured $150 million in senior secured credit from its financing partner. At the initial closing, the credit facility will include a total commitment of $112 million and will refinance TEMPOE's current credit facility. In March, the total commitment will be increased to $150 million. The agreement also includes a commitment to increase financing to $250 million at the lender's discretion.
"Capital is critical for any business, but it is particularly important for us to be able to grow our footprint among retailers, explore new markets and make strategic acquisitions," said David Davis, CEO of CNG Holdings, TEMPOE's parent company. "We believe this puts us in a great position for continued success as the number of underserved consumers grows."
The financing will allow TEMPOE to continue to grow both the number of retailers it serves and consumers who turn to the company for innovative lease products. TEMPOE recently issued its one-millionth lease, and has seen an average of 300-percent annual growth since it was founded in 2009.
The terms of the facility will also allow TEMPOE to make a significant investment in the online shopping space. TEMPOE provides consumers with an affordable alternative for possessing durable consumer goods such as furniture, appliances and electronics.
For more information about TEMPOE and the several payment options it provides retailers, visit TEMPOE.com.
Stephens Inc. acted as exclusive financial advisor to TEMPOE in this transaction.
TEMPOE, formerly WhyNotLeaseIt, is a leading provider of consumer leasing products that facilitates retail shopping. TEMPOE provides several flexible payment options with the opportunity of quick and economical ownership for consumers. TEMPOE was founded in 2009 and serves the furniture, home electronics, appliance, jewelry and automotive industries. For more information, visit TEMPOE.com.
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