Marcus & Millichap Inc. amended an existing credit agreement to provide for a $60 million senior secured revolver.
The amended facility is due June 1, 2022, and comes with a $10 million sublimit for the issuance of standby letters of credit.
The real estate brokerage firm may opt for borrowings under the facility to bear interest at either a fluctuating annual rate of 2.00% below the base rate, or a fixed annual rate determined by Wells Fargo Bank NA to be 0.875% above London interbank offered rate. The base rate is the highest of the Wells Fargo prime rate, one-month Libor plus 1.5% and the federal funds rate plus 1.5%.
The facility is secured by all of the company's personal property assets and is guaranteed by its domestic subsidiaries.
Marcus & Millichap will use the proceeds for working capital and general corporate needs.
Wells Fargo is the lender under the amended credit facility.