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%.