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Axis Auto Finance Inc
Symbol AXIS
Shares Issued 122,308,647
Close 2022-11-02 C$ 0.54
Market Cap C$ 66,046,669
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Axis Auto Finance renews $120M facility

2022-11-02 14:38 ET - News Release

Mr. Todd Hudson reports

AXIS ANNOUNCES EXPANSION OF ITS FUNDING FACILITIES

Axis Auto Finance Inc. has renewed its $120-million senior secured credit facility that supports its auto finance business, while also expanding its financing facilities used in its commercial equipment business segment, operated through its wholly owned subsidiary, Pivotal Capital Corp. With these amendments, Axis now has a combined $225-million in financing facilities to support future growth.

Auto finance highlights:

  • Committed financing capacity of $120-million;
  • Borrowing costs of prime rate plus 190 bps (basis points);
  • Maximum advance rate of 77 per cent;
  • Extension through Oct. 31, 2023.

Axis's senior secured credit facility has been renewed, with a committed financing amount of $120-million and extended through Oct. 31, 2023. The annual interest rate on the senior secured credit facility is prime rate plus 1.90 per cent, while the maximum advance rate on the facility remains unchanged at 77 per cent.

Equipment finance highlights:

  • Purchase facility for $40-million in annual purchases;
  • Expansion of the warehouse facility to $10-million;
  • Extension through Oct. 31, 2023.

Pivotal's commercial equipment financing facility with a Canadian Schedule 1 bank was renewed, with a purchase facility of $40-million in annual purchases, while expanding its warehouse facility from $5-million to $10-million to support continuing organic portfolio growth. All facilities were renewed through Oct. 31, 2023. With this amendment, Pivotal's financing facilities held amongst all of its financing partners total $105-million.

About Axis Auto Finance Inc.

Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through its direct-to-consumer portal, DriveAxis, customers can choose their next used vehicle, arrange financing and get the car delivered to their home. In addition, the company continues to grow B2B (business to business) non-prime auto loan originations by delivering innovative technology solutions and superior service to its dealer partner network. All Axis auto loans report to Equifax, resulting in over 70 per cent of customers seeing a significant improvement of their credit scores.

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