MISSISSAUGA, ON, July 22,
2024 /CNW/ - goeasy Ltd. (TSX: GSY)
("goeasy" or the "Company"), one of
Canada's leading consumer lenders
focused on delivering a full suite of financial services to
Canadians with non-prime credit, is pleased to announce that it
plans to offer, subject to market and other conditions,
US$150 million aggregate principal
amount of senior unsecured notes (the "Notes"), that will
have substantially identical terms as, and will be treated as a
single series with, the Company's 7.625% unsecured notes due 2029
issued on February 23, 2024.
Concurrently with the offering, goeasy expects to enter into a
currency swap agreement (the "Currency Swap") to fix the
foreign currency exchange rate for the proceeds from the offering.
goeasy intends to use the proceeds from the sale of the Notes for
general corporate purposes, including the repayment of
indebtedness. The Notes will be guaranteed on a senior unsecured
basis by certain of goeasy's current and future subsidiaries.
The Notes and related guarantees have not been and will not be
registered under the Securities Act of 1933, as amended (the
"Securities Act"), or any state securities laws, and the
Notes may not be offered or sold in the
United States or to any U.S. persons unless the Notes are
registered under the Securities Act or pursuant to an exemption
from the registration requirements of the Securities Act. This
offering will be made only to qualified institutional buyers in
accordance with Rule 144A under the Securities Act and outside
the United States to non-U.S.
persons in offshore transactions in compliance with Rule 903 of
Regulation S under the Securities Act. Additionally, in
Canada the offering will be made
pursuant to exemptions from the prospectus requirements of
applicable Canadian securities laws.
This announcement does not constitute an offer to sell or a
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any state or jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration
or qualification under the securities laws of any such state or
jurisdiction.
About goeasy
goeasy Ltd. is a Canadian company, headquartered in Mississauga, Ontario, that provides non-prime
leasing and lending services through its easyhome, easyfinancial
and LendCare brands. Supported by over 2,500 employees, the Company
offers a wide variety of financial products and services including
unsecured and secured instalment loans, merchant financing through
a variety of verticals and lease-to-own merchandise. Customers can
transact seamlessly through an omnichannel model that includes
online and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in
the retail, powersports, automotive, home improvement and
healthcare verticals, through over 10,000 merchant partners across
Canada. Throughout the Company's
history, it has acquired and organically served approximately 1.4
million Canadians and originated over $13.5
billion in loans.
Accredited by the Better Business Bureau, goeasy is the proud
recipient of several awards in recognition of its exceptional
culture and continued business growth including 2024 Best
Workplaces™ in Financial Services & Insurance, Waterstone
Canada's Most Admired Corporate Cultures, ranking on the 2022
Report on Business Women Lead Here executive gender diversity
benchmark, placing on the Report on Business ranking of
Canada's Top Growing Companies,
ranking on the TSX30, Greater Toronto Top Employers Award and has
been certified as a Great Place to Work®. The Company is
represented by a diverse group of team members from over 70
nationalities who believe strongly in giving back to communities in
which it operates. To date, goeasy has raised and donated over
$5.6 million to support its
long-standing partnerships with BGC Canada and many other local
charities. In 2023, the Company announced a 3-year, $1.4 million commitment to BGC Canada's Food
Fund.
goeasy Ltd.'s. common shares are listed on the TSX under the
trading symbol "GSY".
Forward-Looking Statements
This press release includes forward-looking statements about
goeasy, including, but not limited to, its business operations,
strategy and expected financial performance and condition.
Forward-looking statements include, but are not limited to,
statements with respect to the expectations regarding the
completion and the use of proceeds of the Notes offering, the
guarantee of the Notes by certain of goeasy's current and future
subsidiaries and the entry into and effect of the Currency Swap. In
certain cases, forward-looking statements that are predictive in
nature, depend upon or refer to future events or conditions, and/or
can be identified by the use of words such as "expect", "continue",
"anticipate", "intend", "aim", "plan", "believe", "budget",
"estimate", "forecast", "foresee", "target" or negative versions
thereof and similar expressions, and/or state that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved.
Forward-looking statements are based on certain factors and
assumptions, including expected growth, results of operations and
business prospects and are inherently subject to, among other
things, risks, uncertainties and assumptions about the Company's
operations, economic factors and the industry generally. There can
be no assurance that forward-looking statements will prove to be
accurate as actual results and future events could differ
materially from those expressed or implied by forward-looking
statements made by the Company. Some important factors that could
cause actual results to differ materially from those expressed in
the forward-looking statements include, but are not limited to,
goeasy's ability to enter into new lease and/or financing
agreements, collect on existing lease and/or financing agreements,
open new locations on favourable terms, offer products which appeal
to customers at a competitive rate, respond to changes in
legislation, react to uncertainties related to regulatory action,
raise capital under favourable terms, compete, manage the impact of
litigation (including shareholder litigation), control costs at all
levels of the organization and maintain and enhance the system of
internal controls.
The Company cautions that the foregoing list is not exhaustive.
These and other factors could cause actual results to differ
materially from our expectations expressed in the forward-looking
statements, and further details and descriptions of these and other
factors are disclosed in the Company's Management's Discussion and
Analysis, including under the section entitled "Risk Factors". The
reader is cautioned to consider these, and other factors carefully
and not to place undue reliance on forward-looking statements,
which may not be appropriate for other purposes. The Company is
under no obligation (and expressly disclaims any such obligation)
to update or alter the forward-looking statements whether as a
result of new information, future events or otherwise, unless
required by law.
SOURCE goeasy Ltd.