Manatt Represents Platinum Auto Finance in $115 Million Debt Financing Deal

Fortress Provides Fla. Auto Biz With Up To $150M Loan
– Law360

Manatt’s Neil Faden, a partner in the firm’s corporate and finance group, and Brian Korn, a partner in the firm’s financial services group and leader of the firm’s fintech practice, led a team of Manatt attorneys in representing Platinum Auto Finance of Tampa Bay, LLC, in securing a $100 million warehouse loan facility with Fortress Credit and $15 million in mezzanine financing with Lloyd Crescendo Advisors. Both transactions closed on June 27.

The money will be used by Platinum Auto to expand its financial capacity and flexibility. The company will refinance its existing debt, fund new originations and purchase secondary portfolios from other auto lenders.

Platinum Auto is a Clearwater, Florida-headquartered lender providing automotive financing through independent and franchised dealerships in Florida, North Carolina and South Carolina.

The Manatt deal team included bankruptcy partner Ivan Kallick and financial services partners Ellen Marshall and Craig Miller. Faden and Korn were also assisted by corporate and finance associate Jeffrey Alpert and financial services associates Benjamin Brickner and June Kim.

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