-- Propel Holdings (PRL.TO) amended and upsized its existing credit facility for its Canadian business, Fora, it said Wednesday.
The commitment under the Fora facility increased to $40 million from about $26 million. The Fora credit facility will bear interest equal to the prime rate plus 275 basis points per annum, representing a reduction in the cost of the facility by about 200 basis points, the company said.
"This Amendment lowers our cost of capital and supports the ongoing growth of our Canadian business," said Propel Chief Executive Clive Kinross. "It reflects the strength of our platform, our demonstrated performance and continued momentum in Canada and globally."
Shares of the company closed down 6% to $20.55 on Tuesday on the Toronto Stock Exchange.