goeasy expands securitization facility to C$375 million, adds lender

By Marisa Wong

Los Angeles, Oct. 10 – goeasy Ltd. announced a C$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, according to a press release.

The company has increased its automotive securitization facility to C$375 million from C$200 million. The 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.

The facility continues to bear interest at one-month CDOR plus 185 basis points. As of Sept. 29, the interest rate would be 7.24%.

The company said it 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.

goeasy is a Mississauga, Ont.-based company that provides non-prime leasing and lending services.

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