Accord Financial amended its senior secured revolving credit facility, extending the maturity date to Feb. 27, 2026. This amendment follows a recent short-term extension announced on Dec. 15, 2025.
Pursuant to the amendment, the total commitment under the bank facility will be reduced from $205 million to $190 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 corporation’s public filings, the corporation 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 a majority of the loans of Accord Financial, Inc., the extension of the company’s unsecured subordinated debentures, and the ultimate refinancing of the corporation’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, where it has been a market leader since 1978.”
