Axis Auto adds lender to debt facility, decreases interest rate

By William Gullotti

Buffalo, N.Y., June 23 – Axis Auto Finance Inc. added a bank to the funding syndicate for its senior secured credit facility and lowered the borrowing costs, according to a press release.

The modifications were made to accommodate an expected demand for non-prime auto financing.

The facility now bears interest at a reduced Prime plus 225 basis points and has a stand-by fee on the unused portion of 50 bps.

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

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