Fairstone Financial completed an optimization of its three-year revolving credit facility provided by a banking syndicate, comprised of leading Canadian and international banks.
This optimization increased borrowing capacity to $1.85 billion and eliminated the high-cost mezzanine tranche. National Bank of Canada acted as the structuring lead to the credit facility.
“This marks the latest milestone in our strategy to diversify the capital structure and expand funding capacity to support our growth plan, while maintaining efficiency in our cost of funds structure. It also underscores the confidence of institutional lenders in our business and strategy,” said Scott Wood, president and chief executive officer of Fairstone.
The company continues to maintain strong levels of liquidity to support
Fairstone is a Canadian non-bank provider of responsible lending solutions for near-prime borrowers with over $3 billion in assets on a consolidated basis. Headquartered in Montreal, Fairstone is privately-held by an investor group led by funds managed by affiliates of J.C. Flowers & Co. and Värde Partners.
