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FINWIRES

AutoCanada Amends and Restates Credit Agreement

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AutoCanada (ACQ.TO) entered into an amended and restated credit agreement, providing about $1.38 billion in total committed facilities, it said overnight Wednesday.

The amended credit agreement is effective as of April 22 and extends the maturity of its senior credit facilities to Nov. 22, 2028, from Apr. 22, 2027. The amendment also reflects a revised facility structure, including a reduction in revolving floorplan financing capacity to $1.0 billion from $1.22 billion.

The agreement also simplifies its capital framework through the removal of the borrowing base and goodwill-based revolving credit structure, and includes updates to the pricing grid, increased financial covenant thresholds, changes to the definition of Bank EBITDA to expand allowable addbacks, and other administrative amendments, the company said. The credit facilities are expected to be used for general corporate needs.

Shares of the company closed up 3.5% to $23.03 on Wednesday on the Toronto Stock Exchange.

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