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.