AutoCanada obtains C$950 million of amended, extended facilities

By Sarah Lizee

Olympia, Wash., Feb. 11 – AutoCanada Inc. amended and extended its existing credit facility, providing for a C$175 million revolver, a C$750 million wholesale floorplan financing facility and a $25 million wholesale leasing facility, for total aggregate bank facilities of C$950 million.

The amendment also extends the facility for three years.

AutoCanada plans to use borrowings, along with proceeds from C$125 million of new 8¾% senior notes due Feb. 11, 2025, to fund a tender offer for its 5 5/8% senior notes due May 25, 2021 that expired on Feb. 10.

AutoCanada is a franchise automobile dealership group based in Edmonton, Alta.

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