TRM Corp. gets loan, buys company

TRM Corp. announced Friday it has acquired access to money in more than one way.

First, Portland-based TRM (NASDAQ: TRMM), which provides ATM services in high-traffic consumer environments, said it's getting an $11 million loan from New York-based LC Capital Master Fund Ltd.

Second, TRM will use the money to buy LJR Consulting Corp., which does business as Access To Money. Whippany, N.J.-based Access To Money is one of the nation's largest independently owned ATM deployers.

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The transaction creates one of the largest ATM networks in the United States, with a portfolio of approximately 12,200 transacting ATMs.

The purchase price of $15 million will be paid through a combination of cash, TRM stock and a note. Douglas Falcone, Access To Money's president and chief executive officer, will assume the role of TRM's chief operating officer.

The $11 million loan will be used to pay the cash portion of the purchase price for Access To Money, to pay eFunds $2.5 million in satisfaction of a settlement reached last December, to satisfy all of the company's remaining loan to GSO Capital Partners, to pay $1 million to Notemachine Ltd., and to pay fees and expenses incurred in connection with the purchase of Access To Money.

In connection with the purchase, TRM issued warrants to the LC Capital Master Fund Ltd. to purchase 12.5 million shares of the company's common stock.

TRM's stock, which has a 52-week range of 29 cents to $2.94, was trading Friday at 35 cents, up 7 cents.