SANTA ANA, Calif.--(BUSINESS WIRE)--Collectors Holdings, Inc. (“Collectors”), announced today the closing of a $125M revolving line of credit with a syndicate co-led by J.P. Morgan and KeyBanc Capital Markets Inc., with participation by California Bank & Trust.
While Collectors is already profitable and well capitalized, this further strengthens Collectors' position in the market, providing the Company with greater flexibility to pursue growth opportunities and execute its strategic vision. Additionally, the Company’s leadership makes it an attractive destination for both top talent and strategic partners.
"At Collectors, we have an ambitious vision to serve collectors around the globe,” said Jason Harinstein, CFO of Collectors. "While our profitable business and cash reserves already give us significant flexibility to invest in new opportunities, such as our brand new grading facility slated to open in Tokyo, Japan this year, this new credit line will enable us to be even more aggressive when we see opportunities to accelerate the achievement of our vision. We are grateful for the support and confidence in our business."
In response to the announcement, representatives from J.P. Morgan and KeyBanc Capital Markets offered their thoughts:
“The Collectors team has built a best-in-class business leading the path forward in the collectables segment,” said John DeCarlo, Executive Director, Technology & Disruptive Commerce, Middle Market Banking & Specialized Industries at J.P. Morgan. “We’re excited to help Collectors execute its strategic initiatives and fuel its next stage of growth.”
“We are excited to strengthen our relationship with Collectors and facilitate its growth to provide customers with access to the leading collectible services provider,” said Gerry.
Barredo, Managing Director and Head of KeyBanc Capital Markets California Corporate Banking. “KeyBanc Capital Markets Inc. served as Joint Lead Arranger, Joint Bookrunner, and Syndication Agent on this strategic financing transaction.”
The new credit line adds to Collectors’ capacity to invest in expansion opportunities in pursuit of its long-term mission to build the future of collecting. Collectors would like to extend its appreciation to J.P. Morgan, KeyBanc Capital Markets Inc. and California Bank & Trust for their support throughout this process.
Collectors is the global leader in authentication and management of collectibles, with offices in Los Angeles, New York, Seattle, Hong Kong, Shanghai, Tokyo and Paris. Collectors provides hobbyists and alternative asset investors with best-in-class products, tools and services that power the collectibles industry. Collectors brands include leading authentication and grading services PSA (trading cards and memorabilia), PCGS (coins and currency), and WATA (video games and pop culture), as well as online collectibles marketplace, Goldin. Visit Collectors.com to learn more.
About California Bank & Trust (CB&T)
CB&T has been helping Californians and their businesses grow and prosper for 70 years. A division of Zions Bancorporation, N.A. (NASDAQ: ZION), CB&T has been voted “Best Bank” by the San Diego Union-Tribune for 12 consecutive years, and “Best Commercial Bank” for nine years in a row. Readers of The Orange County Register have also voted CB&T as the county’s “Best Bank” for nine consecutive years; and the group has consistently won the Greenwich Excellence Awards for achievement in Middle-Market and Small Business. Its experienced and professional bankers are backed by major resources yet maintain local decision-making authority and regional market and industry expertise. Each is committed to providing clients with valuable economic insights and connecting them with the beneficial business relationships they need in order to succeed. To learn more, visit www.calbanktrust.com.