Accord Financial Extends Senior Bank Facility
Accord Financial (ACD.TO) has extended the maturity date of its senior bank facility to Oct. 31, the company said Monday.The amendment also includes an increase in the total commitment C$70 million from $65 million.In addition, Accord reached an agreement with Simon Hitzig and members of his family to amend the terms for $11.0 million in unsecured demand notes and unsecured term notes outstanding.The extension and proposed note amendments will provide the company with a solid framework to execute a refinancing of its bank facility, Accord said.Following its exit from the US market and repayments of other non-core portfolio assets, Accord has reduced the bank facility to $52 million from $148 million as of Dec. 31, 2025, the company said."With Accord now refocused on the Canadian market, we're redoubling our efforts to restructure and/or refinance all the company's debt," President and Chief Executive Officer Simon Hitzig said. "The amendments provide stability while we continue to execute our financing and strategic plan."
