Accredited Gets $200M Loan

Accredited Home Lenders, San Diego, says it has received a $200 million loan commitment -- at 13% -- from entities managed by Farallon Capital Management, San Francisco.In connection with the loan, Accredited will issue Farallon 3.3 million warrants in a private placement, with an exercise price equal to $10 per share. In trading Tuesday, Accredited's shares were up 23% to just over $11. The loan carries a five-year term and can be repaid by Accredited at any time subject to conditions and prepayment fees. The nation's 12th-largest subprime lender said the loan will enhance its liquidity. The company is also in the process of selling $2.7 billion in mortgages -- but at a $150 million loss, a move that also is designed to bolster its cash position. Accredited can be found online at http://www.accredhome.com.