Fintech lender Axis Auto Finance Inc., (TSXV: AXIS), servicing the alternative auto finance market, announced today that it has added a Big 5 Canadian Bank to the Funding Syndicate that provides the Company’s senior secured debt facility.
Axis expects to see significant demand for non-prime auto financing as Canada exits pandemic restrictions. The addition of the Bank to the syndicate diversifies Axis’ funding and allows for easier expansion of the senior debt facility in the future.
The annual interest rate on the senior debt facility decreased to Prime Rate plus 2.25%. The standby fee on the unused portion of the facility is 50 bps.
Axis has seen its share price appreciate to $0.39 as of this post.