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AutoCanada Boosts Credit Facility to C$1.6 Billion
February 6, 2023
Source: Marketwatch
AutoCanada Inc. said Monday it extended and boosted the size of a credit facility to 1.6 billion Canadian dollars (US$1.19 billion), providing the company further flexibility to push ahead with growth plans.
The automobile-dealership company said its existing credit facility has been extended to April 15, 2026, and the revolving facility increases by C$100 million, to $375 million.
In December, the company had exercised a $50 million "accordion" to increase the revolving facility to C$275 million from C$225 million.
AutoCanada said the amended facility increases the wholesale floorplan financing facility to C$1.22 billion from C$1.06 billion and includes a $15 million wholesale leasing facility, for total aggregate bank facilities of C$1.6 billion.
In late December, AutoCanada received approval from the Toronto Stock Exchange for it to buy back up to almost 1.4 million of its shares over a 12-month period. The program follows the purchase over the previous year of about 1.7 million shares at a weighted average price of C$32.70 each.
The automobile-dealership company said its existing credit facility has been extended to April 15, 2026, and the revolving facility increases by C$100 million, to $375 million.
In December, the company had exercised a $50 million "accordion" to increase the revolving facility to C$275 million from C$225 million.
AutoCanada said the amended facility increases the wholesale floorplan financing facility to C$1.22 billion from C$1.06 billion and includes a $15 million wholesale leasing facility, for total aggregate bank facilities of C$1.6 billion.
In late December, AutoCanada received approval from the Toronto Stock Exchange for it to buy back up to almost 1.4 million of its shares over a 12-month period. The program follows the purchase over the previous year of about 1.7 million shares at a weighted average price of C$32.70 each.
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