Around the Industry

ELT, Feb 2004

Orion First Financial, LLC, Gig Harbor, Washington, announces that Union Safe Deposit Bank, Stockton, California, has further expanded its servicing relationship with the addition of approximately 850 lease contracts recently acquired by the Bank from an undisclosed seller in the amount of $13,983,000.

Diagnostic imaging services provider Radiologix, Inc., Dallas, amends and restates its $35.0 million credit facility with GE Healthcare Financial Services. The amended credit facility permits Radiologix to borrow up to 85 percent of the value of eligible receivables. Radiologix currently has access to the full $35.0 million under the amended credit facility. The amended credit facility has a term of 60 months, expiring on December 31, 2008.

First Ship Lease Ltd., New York, a commercial finance company focused on diverse shipping assets, completes a $100 million mezzanine financing facility. The mezzanine facility, combined with previous equity financing and senior debt to be raised on a transactional basis, allows First Ship Lease to provide in excess of $500 million in operating and finance leases to shipping and industrial companies that meet its credit criteria. The mezzanine financing is fully underwritten by BTM Capital Corporation, Boston, a subsidiary of Japan's premier bank, The Bank of Tokyo-Mitsubishi, Ltd.; Germany-based HSH Nordbank AG, the world's largest ship mortgage lender; and Vereins -und Westbank Group, a subsidiary of Germany's second-largest bank, HypoVereinsbank. BTM Capital served as lead arranger.