Business
Accord Announces Banking Facility Update and Proposed Debenture Amendments
Accord Financial Corp. (“Accord” or the “Company”) (TSX – ACD)...
About this update from Accord Financial Corp.
[{"type":"text","content":"Accord Announces Banking Facility Update and Proposed Debenture Amendments\n\n\n .bwalignc { text-align: center; list-style-position: inside }\n.bwlistdecimal { list-style-type: decimal }\n \n\n\n\n Accord Financial Corp. (“Accord” or the “Company”) (TSX – ACD) today announced that it has reached an agreement with its lending syndicate on a short-term extension of its main credit facility (the “Bank Facility”) from December 15, 2025 to December 23, 2025. This extension will allow the Company more time to finalize discussions relating to an amendment to the Bank Facility, which would further extend the maturity date to February 2026.\n \n\n\n Refinancing Plan:\n \n\n\n As part of a comprehensive refinancing plan the Company also announced that it will seek the approval of the holders (the \"Debentureholders\") of its 10% unsecured subordinated debentures due January 31, 2026 (the \"Debentures\") to amend certain terms of such Debentures at a special meeting of the Debentureholders to be held on January 27, 2026 (the “Meeting”). The amendments (“Debenture Amendments”) include increasing the interest rate to 12% commencing January 31, 2026, and extending maturity to July 31, 2026 (details below). Due to restrictions under the Bank Facility, the Company will defer payment of interest due on the Debentures on the upcoming December 31, 2025 interest payment date. The deferred interest will be paid on the new July 31, 2026 maturity date, if the Debenture Amendments are approved. The Bank Facility amendment and the proposed Debenture Amendments, if approved, will provide Accord with time to complete certain strategic initiatives intended to pave the way to refinance the Bank Facility and repay the Debentures.\n \n\n 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 streamline the business and strengthen the balance sheet, through sales of non-core business units and portfolio assets. On December 11\n \n th\n \n , 2025, the Company entered into a non-binding letter of intent for the sale (the “AFIU Transaction”) of a majority of the loans of Accord Financial, Inc. which, if completed, will refocus Accord’s business on the Canadia...