Goeasy announces $175M increase to automotive securitization facility

goeasy announced a $175 million increase to its existing revolving securitization warehouse facility collateralized by automotive consumer loans with the addition of Wells Fargo Bank as a new lender to the syndicate. The Company has increased its Automotive Securitization Facility from $200 million to $375 million. The Automotive Securitization Facility, which was originally established in November 2022, will continue to be structured by Bank of Montreal, with the addition of Wells Fargo Bank as a new lender to the syndicate. The facility continues to bear interest on advances payable at the rate of 1-month Canadian Dollar Offered Rate plus 185 bps. Based on the current 1-month CDOR rate of 5.39% as of September 29, 2023, the interest rate would be 7.24%. The Company will continue utilizing an interest rate swap agreement to generate fixed rate payments on the amounts drawn to assist in mitigating the impact of increases in interest rates.