Global Lending Services Acquires the Business of Resurgent Auto

Global Lending Services Acquires the Business of Resurgent Auto
Finance; Secures Capital From BlueMountain Capital Management and UBS 
New Market Entrant Creates More Sub-Prime Finance Options for
Automotive Industry 
ATLANTA, GA -- (Marketwire) -- 08/14/12 --   Global Lending Services
LLC, an Atlanta-based auto finance company founded earlier this year
by auto industry veteran, Douglas Duncan, has acquired the business
of Resurgent Auto Finance, an established sub-prime auto loan
originator. The acquisition includes a $38 million loan portfolio as
well as a funding and servicing platform.  
"This is a very important milestone for Global Lending Services,"
said Duncan. "By making this acquisition, we now have a platform in
place that will enable us to create a scalable sub-prime auto finance
business and execute our plan to establish a national presence in the
market. Resurgent Auto Finance is an exceptional company. It has
state-of-the-art technology and analytics, very disciplined
processes, and many talented people," added Duncan. 
Partnership With BlueMountain Capital Management 
Global Lending Services also announced it has entered into a
partnership with New York-based investment firm, BlueMountain Capital
Management. Several BlueMountain managed funds and Duncan will
collectively invest $100 million in capital. BlueMountain will have a
majority interest in the company, and Duncan will serve as Chairman.  
"The opportunity to partner with BlueMountain was strategic given the
significant amount of capital required in the auto finance business,"
stated Duncan. Global Lending Services Chief Executive Officer, Gary
Lorenz, added, "With $100 million in committed capital, we are well
positioned to secure additional debt, as needed, to support our
growth. BlueMountain also has a deep understanding of the sub-prime
auto finance sector and an experienced team of professionals that
will add significant value to our business."  
Loan Agreement With UBS Real Estate Securities Inc. 
In a related matter, Global Lending Services secured a senior debt
facility with UBS Real Estate Securities Inc. for $75 million. "The
UBS facility provides the foundation for our debt program, which will
scale as we grow our loan portfolio," stated Mark McCall, Global
Lending Services Chief Financial Officer. "The UBS team established a
facility that meets our specific needs, and we are very excited to
partner with them as we build the business," McCall added. 
About Global Lending Services 
Global Lending Services LLC provides automotive financing to
automobile dealerships in the United States. Formed using leading
technologies and analytics, the company strives to provide products
and services to help customers with basic transportation needs while
creating a dealer-friendly environment for its business partners.
(www.glsllc.com) 
Founder Douglas Duncan has over 25 years of experience in the
automotive finance and insurance industry. In 1992 he founded
Safe-Guard Products International, a leading administrator of
warranty products and services, and continues to serve as Chairman of
the Board. 
Global Lending Services is operated by an executive management team
with well over 100 years of experience in the auto finance industry.
Gary Lorenz, Chief Executive Officer of the company, previously
served as President of Wells Fargo Auto Finance.  
About BlueMountain Capital Management 
Founded in 2003, BlueMountain manages $10 billion in assets across a
diverse set of strategies in the credit markets. With offices in New
York and London, BlueMountain is a leader in fundamental long/short,
structured credit, arbitrage and equity derivatives. The firm's
distinctive investment approach integrates fundamental company
research, advanced quantitative methods, and proven market and
product knowledge. BlueMountain's investment team operates in a
highly integrated manner, with risk management as a key element of
the firm's investment process. 
Media Contact:
John Sternal
jsternal@meritmile.com 
561-362-8888 
 
 
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