XS Financial closes upsized $39M credit line with Needham Bank

XS Financial entered into an upsized $39M line of credit with Needham Bank increasing its commitment from $20M to $35M and remaining as the administrative agent. The remaining $4M is with an FDIC-insured bank participating in the Credit Facility. The Credit Facility has a term of two years from its initial closing, maturing in August 2024. Loans made under the line of credit will bear interest at an annual rate equal to the Wall Street Journal Prime rate plus one percent, with a floor of six percent, and may be prepaid with no penalty at any time. XS Financial intends to use loan proceeds, together with cash on hand, to fund additional CAPEX and equipment leases with new and existing customers.