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Scotiabank Leads $292MM Multi-Currency Facility for Accord Financial

August 02, 2018, 07:12 AM
Filed Under: Lender Finance

Accord Financial Corp. announced that it has signed a new senior secured revolving credit facility totaling $292 million with a syndicate of banks. The three-year agreement was arranged by The Bank of Nova Scotia (Scotiabank), acting as administrative agent, sole arranger and sole bookrunner.

The new facility is a significant step up from the previous facility of $185 million, and will support Accord's continued growth path, which has seen total funds employed grow from $175 million to $262 million over the year ending June 30, 2018. 

"Several years of productive internal initiatives, capped off by two strategic acquisitions in 2017, have combined to generate strong asset growth. This new credit facility provides the capital we need to sustain our growth path," stated CEO Tom Henderson. "Financial strength has been a key part of our brand for forty years, allowing us to support our clients with speed and certainty," added Henderson.

The new multi-currency facility is supported by a syndicate of banks, comprising Scotiabank, HSBC Bank Canada, Canadian Imperial Bank of Commerce, Bank of Montreal, Branch Banking and Trust Company and M&T Bank. "With Accord's significant growth in Canada and the US, it's important to have banking support on both sides of the border. We achieved that goal with six strong Canadian, US and international banks," noted CFO Stuart Adair. "And we are pleased to build on our twenty-five year relationship with Scotiabank," added Henderson.

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