04:09 AM EST, 11/26/2024 (MT Newswires) -- MoneyLion Inc ( ML ) said late Monday it has closed a $70 million loan facility with First Citizens Bancshares subsidiary Silicon Valley Bank to refinance its existing senior debt and lower its cost of capital.

The company said proceeds from its original term loans were used to pay off about $65 million in principal.

"The company's strong financial standing created an opportunity to secure refinancing on substantially improved terms," the company said.