March 7, 2007
COMMERCIAL CREDIT GROUP CLOSES $100 MILLION ASSET BACKED COMMERCIAL PAPER FACILITY WITH CITIBANK, N.A.
Charlotte, NC (March 7, 2007) – Commercial Credit Group Inc. (CCG), announced today the closing of an asset backed commercial paper program with Citibank, N.A. Proceeds from the facility will be used to fund the Company’s growth.
“This new relationship with Citibank is a significant step in our Company’s growth. Citibank is extremely capable in asset backed securities and related financing activity. Combining the Citibank program with our current commercial paper funding program further diversifies the Company’s funding structure, increases our capacity, and strengthens our capabilities as we continue to grow and expand our business,” said Dan McDonough, CEO of CCG. “We are very excited to have Citibank as a financing provider.”