TORONTO, July 31, 2018 /CNW/ - Accord Financial Corp. ("Accord") (TSX: ACD) announced today that it has signed a new senior secured revolving credit facility totaling $292 million with a syndicate of banks. The three-year agreement was arranged by The Bank of Nova Scotia ("Scotiabank"), acting as administrative agent, sole arranger and sole bookrunner.
The new facility is a significant step up from the previous facility of $185 million, and will support Accord's continued growth path, which has seen total funds employed grow from $175 million to $262 million over the year ending June 30, 2018.
"Several years of productive internal initiatives, capped off by two strategic acquisitions in 2017, have combined to generate strong asset growth. This new credit facility provides the capital we need to sustain our growth path," stated CEO Tom Henderson. "Financial strength has been a key part of our brand for forty years, allowing us to support our clients with speed and certainty," added Henderson.
The new multi-currency facility is supported by a syndicate of banks, comprising Scotiabank, HSBC Bank Canada, Canadian Imperial Bank of Commerce, Bank of Montreal, Branch Banking and Trust Company and M&T Bank. "With Accord's significant growth in Canada and the US, it's important to have banking support on both sides of the border. We achieved that goal with six strong Canadian, US and international banks," noted CFO Stuart Adair. "And we are pleased to build on our twenty-five year relationship with Scotiabank," added Henderson.
About Accord Financial Corp.
Accord Financial Corp. is a leading North American finance company providing distinctive working capital solutions to companies from coast to coast. Accord's flexible finance programs cover the full spectrum of asset-based lending, including: factoring, inventory finance, equipment leasing, trade finance and film/media finance. For 40 years, Accord has helped businesses manage their cash flows and maximize financial opportunities.
SOURCE Accord Financial Corp.
please visit www.accordfinancial.com or contact: Stuart Adair, Senior Vice President, Chief Financial Officer, Accord Financial Corp., 40 Eglinton Avenue East, Suite 602, Toronto, Ontario M4P 3A2, (416) 642-5647, [email protected]
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