Accord Financial signed a new senior secured revolving credit facility totaling $292 million with a syndicate of banks. The Bank of Nova Scotia acted as administrative agent, sole arranger and sole bookrunner on the three-year facility.
The new facility is an upsize from Accord’s previous $185 million facility and will support the company’s continued growth path, which has seen total funds employed grow from $175 million to $262 million over the year ending June 30, 2018.
“Several years of productive internal initiatives, capped off by two strategic acquisitions in 2017, have combined to generate strong asset growth. This new credit facility provides the capital we need to sustain our growth path,” said Accord CEO Tom Henderson. “Financial strength has been a key part of our brand for forty years, allowing us to support our clients with speed and certainty.”
The new facility is supported by a syndicate of banks in addition to Scotiabank, including HSBC Bank Canada, Canadian Imperial Bank of Commerce, Bank of Montreal, Branch Banking and Trust and M&T Bank.
“With Accord’s significant growth in Canada and the U.S., it’s important to have banking support on both sides of the border. We achieved that goal with six strong Canadian, U.S. and international banks,” added Accord CFO Stuart Adair.