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XS Financial Closes $15MM Secured Credit Line

September 21, 2023, 07:00 AM
Filed Under: Industry News

XS Financial Inc., a specialty finance company providing CAPEX and equipment financing solutions to cannabis companies in the United States, announced it has entered into a $15 million line of credit (Credit Facility) with bank lenders.

Loans made under the line of credit will bear interest at an annual rate equal to the Wall Street Journal Prime rate plus 1 percent, with a floor of 6 percent, and may be prepaid with no penalty at any time. XS Financial intends to use loan proceeds and cash on hand to fund additional CAPEX and equipment leases with new and existing customers. The Credit Facility has a term expiring in August 2024.

David Kivitz, CEO of XS Financial, said, "This Credit Facility provides XS Financial with additional resources to expand our market-leading portfolio of equipment leases. Our ability to close this Credit Facility with favorable pricing and terms in the current environment exhibits our financial strength and the high-quality customers we support, including several of our industry's largest companies. We are thrilled to continue funding our existing and target borrowers at scale for their critical expansion projects when other capital sources are slowing."

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