AutoCanada to use C$50 million from sale-leaseback to repay facility

Chicago, Dec. 21 – AutoCanada Inc. announced today that it will be repaying the company’s credit facility with proceeds from a sale-leaseback, according to a press release.

Total proceeds from the sale-leaseback for four of its dealership properties with Capital Automotive Real Estate Services Inc. are expected to be approximately C$50 million.

Capital Automotive has additionally agreed to fund $44 million for capital requirements on the properties, including reconstruction on three of the properties and new construction on one.

AutoCanada is an automobile dealership group based in Edmonton, Alta.

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