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AUTOCANADA ANNOUNCES CREDIT FACILITY EXTENSION AND UPSIZING TO $1.6 BILLION
AUTOCANADA ANNOUNCES CREDIT FACILITY EXTENSION AND UPSIZING TO $1.6 BILLION Canada News...
About this update from Autocanada Inc.
[{"type":"text","content":"\n \n \n \n AUTOCANADA ANNOUNCES CREDIT FACILITY EXTENSION AND UPSIZING TO $1.6 BILLION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n EDMONTON, AB\n \n \n ,\n \n \n Feb. 6, 2023\n \n \n /CNW/ - AutoCanada Inc. (\"AutoCanada\" or the \"Company\") (TSX: ACQ), a multi-location North American automobile dealership group, announced today that it has amended and extended its existing credit facility to\n \n April 15, 2026\n \n .\n \n \n \n \n \n \n \n \n \n The amended credit facility increases the revolving facility from\n \n $275 million\n \n to\n \n $375 million\n \n . In\n \n December 2022\n \n , the Company had exercised a\n \n $50 million\n \n accordion to increase the revolver from\n \n $225 million\n \n to\n \n $275 million\n \n . The amended facility also increases the wholesale floorplan financing facility from\n \n $1,060 million\n \n to\n \n $1,220 million\n \n and includes a\n \n $15 million\n \n wholesale leasing facility, for total aggregate bank facilities of\n \n $1.6 billion\n \n .\n \n \n \"We are pleased to have completed the amendment of our credit facility and appreciate the strong support and commitment from our bank partners,\" said\n \n Paul Antony\n \n , Executive Chairman of AutoCanada. \"These amendments to our credit facility provide additional flexibility allowing us to execute on our growth strategies and maintain our balanced approach to capital allocation.\"\n \n \n \n About AutoCanadÈ:l\n \n \n \n AutoCanada is a leading North American multi-location automobile dealership group currently operating 82 franchised dealerships, comprised of 28 brands, in eight provinces in\n \n Canada\n \n as well as a group in\n \n Illinois, USA\n \n . AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Alfa Romeo, Chevrolet, GMC,\n \n Buick\n \n , Cadillac, Ford, Infiniti, Nissan, Hyundai, Subaru, com Audi, Volkswagen, Kia, Mazda, Mercedes-Benz, BMW, MINI, Volvo, Toyota,\n \n Lincoln\n \n , Acura, Honda and Porsche branded vehicles. In addition, AutoCanada's Canadian Operations segment currentl...