Nomura Securities
In February 2005, MRU Holdings obtained a $165 million credit facility from Nomura Securities for funding private student loans, and, in May 2005, MRU Holdings began offering private student loans under the brand name MyRichUncle. MRU Holdings expanded its ability to offer loans, forming a guaranty agency to back loans. In January 2006, MRU Holdings obtained a credit facility with Merrill Lynch Bank USA and also closed a $29 million equity PIPE equity offering from Merrill Lynch Private Equity Partners, Lehman Brothers, and several senior MBNA executives.