Accord Financial has amended its senior secured revolving credit facility, extending the maturity date to March 31, 2026 from Feb. 27, 2026.
Pursuant to the amendment, the total commitment is reduced from $190 million to $160 million. The amendment also incorporates milestones related to proposed asset sales, with net proceeds to be used to repay bank indebtedness.
As has been disclosed in the company’s public filings, the company has been working with financial advisors to pursue a broad range of strategic initiatives to repay or refinance its outstanding debt obligations, to further simplify the business and strengthen the balance sheet.
“The amendment provides time to pursue our previously announced refinancing plan, which includes the sale of the majority of loans of our U.S. subsidiary, Accord Financial, Inc. and the ultimate refinancing of the company’s outstanding debt,” Simon Hitzig, president and CEO of Accord, said. “Following completion of these initiatives, the corporation will be exclusively focused on the Canadian small and medium enterprise sector.”
