February 23, 2006
COMMERCIAL CREDIT GROUP CLOSES PREFERRED STOCK SALE AND SUBORDINATED DEBT FACILITY
Charlotte, NC (February 23, 2006) – Commercial Credit Group Inc. (CCG), announced today the closing of its third round of long-term capital. The capital was provided by Allied Capital Corporation (NYSE: ALD) based in Washington, DC. The transaction totaled $13,900,000 and included the purchase of preferred stock and senior subordinated notes. The proceeds of the transaction will be used to fund the Company’s growth.
“This new relationship with Allied Capital is a tremendous resource for our Company. Allied is extremely knowledgeable of the specialty finance segment and will provide many significant benefits to us as we continue to grow and expand our business,” said Dan McDonough, CEO of CCG. “We are very excited about having Allied as a partner and welcome them to our investor base.”
Allied joins CCG’s existing equity and subordinated debt holders: Archbrook Capital Management LLC of New York, NY, and Philadelphia, PA, Envest Ventures, LLC of Virginia Beach, VA, Winmark Corporation of Minneapolis, MN and CCG’s Management.