Axis Auto expands bank facility to C$120 million, lowers borrowing costs

By Rebecca Melvin

Concord, N.H., Nov. 2 – 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$120 million, from C$100 million, and the maturity was extended through Oct. 31, 2022.

The facility now bears interest at Prime plus 190 basis points, which is down from Prime plus 225 bps previously, and has the addition of an annual renewal fee of 15 bps. The maximum advance rate on the facility has been increased to 77% from 76%.

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

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