04:06:02 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



AutoCanada Inc
Symbol ACQ
Shares Issued 23,551,137
Close 2023-02-03 C$ 30.17
Market Cap C$ 710,537,803
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AutoCanada increases credit line to $1.6B

2023-02-06 10:32 ET - News Release

Mr. Mike Borys reports

AUTOCANADA ANNOUNCES CREDIT FACILITY EXTENSION AND UPSIZING TO $1.6 BILLION

AutoCanada Inc. has amended and extended its existing credit facility to April 15, 2026.

The amended credit facility increases the revolving facility from $275-million to $375-million. In December, 2022, the company exercised a $50-million accordion to increase the revolver from $225-million to $275-million. The amended facility also increases the wholesale floor plan financing facility from $1.06-billion to $1.22-billion and includes a $15-million wholesale leasing facility, for total aggregate bank facilities of $1.6-billion.

"We are pleased to have completed the amendment of our credit facility and appreciate the strong support and commitment from our bank partners," said Paul Antony, executive chairman of AutoCanada. "These amendments to our credit facility provide additional flexibility, allowing us to execute on our growth strategies and maintain our balanced approach to capital allocation."

About AutoCanada Inc.

AutoCanada is a leading North American multilocation automobile dealership group currently operating 82 franchised dealerships, comprising 28 brands, in eight provinces in Canada as well as a group in Illinois, United States. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, Fiat, Alfa Romeo, Chevrolet, GMC, Buick, Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, Mini, Volvo, Toyota, Lincoln, Acura, Honda and Porsche branded vehicles. In addition, AutoCanada's Canadian operations segment currently operates three used vehicle dealerships and one used vehicle auction business supporting the used digital retail division, 11 RightRide division locations, and nine stand-alone collision centres within the company's group of 24 collision centres. In 2021, AutoCanada's dealerships sold approximately 86,000 vehicles and processed over 800,000 service and collision repair orders in its 1,303 service bays, generating revenue in excess of $4-billion.

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