EDMONTON, AB, April 23, 2024 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has amended its existing credit facility.
The amended credit facility includes extending the maturity date to April 22, 2027, adding in a new $25 million CapEx facility to support the Company's anticipated capital expenditures over the coming quarters, and increasing the total aggregate bank facilities from $1.610 billion to $1.635 billion. The amended credit facility also includes enhancements to used vehicle flooring criteria and other administrative changes, including the transition from Canadian Dollar Offered Rate ("CDOR") to Canadian Overnight Repo Rate Average ("CORRA").
About AutoCanada
AutoCanada is a leading North American multi-location automobile dealership group currently operating 84 franchised dealerships, comprised of 28 brands, in eight provinces in Canada and in Illinois, USA. AutoCanada currently sells Acura, Alfa Romeo, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge, FIAT, Ford, GMC, Honda, Hyundai, Infiniti, Jeep, Kia, Lincoln, Mazda, Mercedes-Benz, MINI, Nissan, Porsche, Ram, Subaru, Toyota, Volkswagen, and Volvo branded vehicles. In addition, AutoCanada's Canadian Operations segment currently operates 3 used vehicle dealerships and 1 used vehicle auction business supporting the Used Digital Division, 13 RightRide division locations, and 11 stand-alone collision centres within our group of 27 collision centres. In 2023, the Company generated revenue in excess of $6 billion and our dealerships sold over 100,000 retail vehicles.
Additional Information
Additional information about AutoCanada is available at the Company's website at www.autocan.ca and www.sedarplus.ca.
SOURCE AutoCanada Inc.
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Azim Lalani, Chief Financial Officer, Phone: 780.732.3157, Email:alalani@autocan.ca