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.