Regional Management Corp. (NYSE:RM) received an increase in the availability of its senior revolving credit facility to $500 million from its previous amount of $325 million with a maturity date of May 2016. Thomas Fortin, Chief Executive Officer of Regional Management, said, "We intend to use the additional monies from the facility to fund product, channel and de novo growth strategies, as well as any value-added acquisition opportunities that may arise."

Regional Management Corp. announced that it received an increase in the availability of its senior revolving credit facility to $500 million from its previous amount of $325 million, with a maturity date of May 2016. The accordion feature of the credit facility was also increased from $75 million to $100 million. Borrowings under the facility bear interest, payable monthly, at rates equal to LIBOR of a maturity the company elects between one month and six months, with a LIBOR floor of 1.00%, plus an applicable margin (which was 3.00% as of March 31, 2013) based on its leverage ratio. Alternatively, the company may pay interest at a rate based on the prime rate plus an applicable margin (which was 2.00% as of March 31, 2013). The company also pays an unused line fee of 50 basis points per annum, which declines to 37.5 basis points at certain usage levels, payable monthly. The senior revolving credit facility is collateralized by certain of the company's assets, including substantially all of its finance receivables and equity interests of substantially all of its subsidiaries. The credit agreement contains certain restrictive covenants, including maintenance of specified interest coverage and debt ratios, restrictions on distributions and limitations on other indebtedness, maintenance of a minimum allowance for loan losses and certain other restrictions.

Regional Management Corp. announced unaudited consolidated earnings results for the first quarter ended March 31, 2013. For the quarter, the company reported total revenue of $38,569,000 compared to $31,540,000 a year ago. Income before income taxes was $10,997,000 compared to $8,130,000 a year ago. Net income was $6,928,000 or $0.54 per diluted share compared to $5,122,000 or $0.53 per diluted share a year ago. Net income was 35.3% increase from GAAP net income in the prior-year period and a 2.4% increase from pro forma net income, excluding one-time initial public offering expenses and applying proceeds from the IPO to reduce outstanding debt, in the prior-year period.