H&R Block subprime unit gets $350 million funding |
| Reuters - Nov 23, 2007 |
H&R Block Inc, the largest U.S. tax preparer, on Friday said the subprime lending unit it is trying to sell has obtained $350 million of new funding capacity from a unit of Royal Bank of Scotland Group Plc.
In a U.S. Securities and Exchange Commission filing, H&R Block said Option One Mortgage Corp obtained the funding from Greenwich Capital Financial Products Inc on November 16. The increase boosts the sum available under a credit facility to $750 million from $400 million.
Separately, H&R Block said its Block Financial Corp unit on November 20 drew down $100 million from two credit lines, giving it $1.725 billion out of a possible $2 billion outstanding. It was at least the fifth drawdown since
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- Posted: 2007-11-23 12:45:20
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