Mr. Jason Mullins reports

GOEASY LTD. ANNOUNCES $175 MILLION INCREASE TO AUTOMOTIVE SECURITIZATION FACILITY

goeasy Ltd. has arranged a $175-million increase to its existing revolving securitization warehouse facility collateralized by automotive consumer loans, with the addition of Wells Fargo Bank as a new lender to the syndicate.

The company has increased its automotive securitization facility from $200-million to $375-million. The automotive securitization facility, which was originally established in November, 2022, will continue to be structured by Bank of Montreal, with the addition of Wells Fargo Bank as a new lender to the syndicate. The facility continues to bear interest on advances payable at the rate of one-month Canadian dollar offered rate (CDOR) plus 185 basis points. Based on the current one-month CDOR rate of 5.39 per cent as of Sept. 29, 2023, the interest rate would be 7.24 per cent. The company will continue utilizing an interest rate swap agreement to generate fixed-rate payments on the amounts drawn to assist in mitigating the impact of increases in interest rates.

"The addition of Wells Fargo as a new lender in our automotive securitization facility serves to highlight the strength of our automotive financing program and their confidence in our future performance," said Jason Mullins, goeasy's president and chief executive officer. "Obtaining an additional funding commitment from a leading financial institution, particularly amidst uncertain economic conditions, is a testament to the strength of our automotive credit and underwriting. Together with our other current funding facilities, this increase provides us with approximately $930-million in total funding capacity to support our growth plans."

About goeasy Ltd.

goeasy is a Canadian company, headquartered in Mississauga, Ont., that provides non-prime leasing and lending services through its easyhome, easyfinancial and LendCare brands. Supported by approximately 2,400 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 on-line and mobile platforms, over 400 locations across Canada, and point-of-sale financing offered in the retail, power sports, automotive, home improvement and health care verticals, through over 8,500 merchant partners across Canada. Throughout the company's history, it has acquired and organically served over 1.3 million Canadians and originated over $11.4-billion in loans.