Senior Facility Expands Access to Capital and Replaces Pawnee Facility
The new credit facility will support growth in finance receivables, provide for Chesswood’s working capital needs and for general corporate purposes. This new corporate credit facility replaces the US$105 million revolving credit facility of Pawnee Leasing, and allows Chesswood to manage the allocation of capital to its various financial services businesses in Canada and the U.S., internally. Chesswood used approximately US$94.0 million of its availability under this new credit facility to repay and retire the Pawnee Leasing credit facility.
“The additional liquidity from our expanded facility provides us with greater capacity, in support of our multiple growth initiatives,” stated Barry Shafran, Chesswood’s President. “This new facility, available in U.S. or Canadian dollars, also improves our financial flexibility by centralizing treasury management and making the provision of capital to individual businesses far easier”, added Shafran.
The credit facility is led by Royal Bank of Canada and includes a syndicate of leading Canadian and U.S. financial institutions, including BBVA Compass as syndication agent.
About Chesswood Group Limited
Chesswood Group Limited is a financial services company with operating businesses in both Canada and the U.S.
To learn more about Chesswood Group Limited, visit www.ChesswoodGroup.com .
The separate websites of Chesswood Group Limited’s operating businesses are at www.PawneeLeasing.com , www.WindsetCapital.com , www.nstarleasing.com , www.CaseFunding.com , and www.AcuraSherway.com.
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Contact:
Barry Shafran
Chesswood Group Limited
416-386-3099
bshafran@chesswoodgroup.com
This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
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