Axis Auto expands bank facility to C$100 million, cuts interest costs

By Taylor Fox

New York, Jan. 7 – Axis Auto Finance Inc. expanded its senior secured credit facility and lowered the borrowing costs, according to a news release.

Axis’ senior secured credit facility was expanded to a maximum committed funding amount of C$100 million, from C$80 million, and extended through Oct. 31, 2021.

The facility currently bears interest at Prime plus 250 basis points, or 4.95%, and has a stand-by fee on the unused portion of the maximum committed amount of 25 bps per annum. The maximum advance rate on the facility has been increased from 75% to 76%.

Axis Auto is a technology-driven alternative auto finance company based in Mississauga, Ont.

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