Axis Announces Expansion of Senior Credit Facility to $100 Million
MISSISSAUGA, ON, Jan. 7, 2021 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXIS) a technology-driven alternative auto finance company, announced that it has expanded its senior secured credit facility and lowered its borrowing costs.
Highlights:
- Expansion of the committed funding capacity to $100 million
- Lowering of the borrowing costs to prime rate +250 bps
- Increase of the maximum advance rate to 76%
- Extension through October 31, 2021
Axis' senior secured credit facility has been expanded to a maximum committed funding amount of $100 million (from $80 million previously) and extended through October 31, 2021. The facility currently bears interest at 4.95% (prime rate + 250bps) and has a stand-by fee on the unused portion of the maximum committed amount of 25 bps per annum. The maximum advance rate on the facility has been increased from 75% to 76%.
About Axis Auto Finance
Axis Auto Finance is a technology-driven provider of alternative used vehicle financing options servicing roughly 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in 71% of customers seeing a significant improvement of their credit scores. These clients use Axis as a stepping-stone in their credit rebuilding journey and we are proud to be improving the lives of these Canadians. Supported by state-of-the-art, in-house developed risk analytics, Axis continues to be Canada's fastest-growing publicly traded auto-financing company. Further information on the Company can be found at axisautofinance.com/investors.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Axis Auto Finance Inc.
Axis Auto Finance Inc., Ilja Troitschanski, President, (416) 633-5626, [email protected]
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