Nicholas Financial enters $50M Westlake credit facility, terminates $43M Wells Fargo debt, cuts workforce to 18

OLD MARKET CAPITAL Corp

New $50M senior secured revolving credit facility with Westlake Capital Finance; SOFR + margin, advance rate 70-85% of eligible receivables, two-year maturity.
Proceeds used to refinance and terminate existing $175M Wells Fargo line; outstanding balance of ~$43M repaid in full with no termination penalties.
Expected interest payments on new facility for quarter ending March 31, 2023: $0.7M to $0.9M.
Company continues restructuring: workforce reduced to 18 employees as of Jan 18, 2023; scaling down auto finance originations and no longer originating direct consumer loans.
Company expects restructuring to free up capital for potential acquisitions or investments outside traditional business; timeframe remains uncertain.

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