Daily News: April 17, 2017

Chesswood Exercises Accordion Feature with RBC-Led Bank Group

Chesswood Group exercised $30 million of the $80 million accordion feature in its existing corporate revolving credit facility.

The company’s credit facility contains an accordion feature which permits the company to increase the size of the facility to an aggregate of $250 million from $170 million. The facility matures in December 2019 and Chesswood had drawn $154 million under the facility as of the end of March.

The company’s syndicate of six banks is led by Royal Bank of Canada and includes BBVA Compass, Bank of Montreal, National Bank of Canada, TD Securities and Laurentian Bank of Canada.

“We’re grateful for the continued support of our lenders and the vote of confidence this represents for Chesswood and our teams in the U.S. and Canada” said Barry Shafran, Chesswood’s president and chief executive officer. “This partial exercise of the accordion reflects the continuing growth of our portfolio in 2017 as we approach 30,000 contracts and $600 million of gross finance receivables” added Shafran.

Chesswood Group, through two wholly-owned subsidiaries in the U.S. and Canada, is a publicly-traded commercial equipment finance company focused on small and medium-sized businesses.