SALT LAKE CITY — Prestige Financial Services recently announced that a transaction with a pair of financial institutions has more than doubled a line of credit funding capacity.

First, Prestige revealed that Bank of America Business Capital has joined a line of credit established earlier this year with Wells Fargo Preferred Capital. Furthermore, Wells Fargo increased its commitment to Prestige by 20 percent.

Prestige indicated that the senior secured revolving facility is structured to allow additional lenders to participate in syndication to a maximum principal amount of $300 million. The company also mentioned that Wells Fargo is the lead agent for the facility and Bank of America serves as documentation agent.

"Prestige is a profitable and well-managed company seeking additional liquidity to support its business activities," noted John Mostofi, Bank of America Business Capital's West Division executive.

"We're pleased to be able to build on the existing relationship between Bank of America and Prestige's parent, the Larry H. Miller Group," Mostofi added.

Prestige currently manages $575 million in loans within and outside of the Miller Group. Company executives believe the new connection with Bank of America strengthens their portfolio.

"We value the long-term relationship between Bank of America and the Miller Group," explained Bryant Henrie Prestige's chief operating officer.

"This new commitment to Prestige represents a high level of mutual respect as well as a shared commitment to future success," Henrie concluded.