Accord Financial sold certain loans from its U.S. subsidiary. The company has been working on this transaction since mid-December 2025 pursuant to a signed LOI with a U.S.-based buyer.
The sale is a key component of the company’s previously announced strategic plan to divest non-core assets, refinance its outstanding debt and refocus the business on the Canadian market. Gross proceeds from the sale were approximately $8.4 million (US$6.1 million). Net proceeds, after transaction-related expenses, will be used to pay down the company’s primary banking facility. While the gross proceeds are lower than initially contemplated in the LOI, the company has reduced its bank indebtedness through additional loans sales and loan repayments of approximately $38.2 million (US$27.8 million) since December 2025. The company continues to pursue additional transactions to divest assets, including the remaining U.S. portfolio assets, in order to repay its outstanding debt obligations.
“We are pleased to finalize this deal with a growing, well-respected asset-based lender. Our longtime U.S. clients are in good hands as we shift attention to our Canadian business,” Simon Hitzig, president and CEO of Accord, said.
As previously disclosed in the company’s public filings, Accord has been working with financial advisors to pursue a broad range of strategic initiatives to repay or refinance its outstanding debt obligations, to further streamline the business and to strengthen the balance sheet, including through the sale of non-core business units and portfolio assets. The company recently announced an extension of the maturity of its senior secured revolving credit facility to March 31, 2026 and earlier this year extended the maturity of its outstanding debentures to July 31, 2026. This transaction, following the recent sale of BondIt Media Capital, is another step in the execution of the company’s refinancing plan.
