Axis Announces Expansion of Senior Credit Facility to $120 Million
MISSISSAUGA, ON, Nov. 2, 2021 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXIS) a fintech lender servicing the alternative auto finance market, announced today that it has expanded its senior secured credit facility, lowered its borrowing costs and increased the advance rate on the facility.
Highlights:
- Expansion of the committed funding capacity to $120 million
- Lowering of the borrowing costs to prime rate +190 bps
- Increase of the maximum advance rate to 77%
- Extension through October 31, 2022
Axis' senior secured credit facility has been expanded to a maximum committed funding amount of $120 million (from $100 million previously) and extended through October 31, 2022. The annual interest rate on the senior debt facility decreased to Prime Rate plus 1.90%, down from Prime Rate plus 2.25%, coupled with the addition of an annual renewal fee of 0.15%. The maximum advance rate on the facility has been increased from 76% to 77%.
About Axis Auto Finance
Axis Auto Finance is a fintech lender providing alternative used vehicle financing options to 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 over 70% 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 https://www.axisfinancegroup.com/investors-press-releases/.
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., Todd Hudson, CEO, (416) 633-5626, [email protected]
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