Axis Auto expands facilities to C$225 million, extends to 2023

By Mary-Katherine Stinson

Lexington, Ky., Nov. 2 – Axis Auto Finance Inc. renewed its C$120 million senior secured credit facility and also expanded its funding facilities used in its commercial equipment business segment operating through wholly-owned subsidiary Pivotal Capital Corp. for a combined total of C$225 million in funding facilities, according to a news release.

The maturity of Axis’ senior secured credit facility was extended through Oct. 31, 2023.

The terms of the facility remain unchanged. It will continue to bear interest at Prime plus 190 basis points and the maximum advance rate on the facility is 77%.

Pivotal’s warehouse facility was expanded to C$10 million from C$5 million, bringing the total of Pivotal’s funding facilities held amongst all of its funding partners to total C$105 million.

Pivotal’s C$40 million commercial equipment funding facility with a Canadian schedule 1 bank was also renewed.

All the Pivotal facilities were also extended through Oct. 31, 2023.

Proceeds will be used to support future growth.

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

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