Chesswood increases credit facility to $250 million via accordion

By Wendy Van Sickle

Columbus, Ohio, Aug. 29 – Chesswood Group Ltd. said it expanded its corporate revolving credit facility to $250 million by exercising the remaining $50 million accordion feature.

As of Tuesday, Chesswood had $188 million drawn on the facility, according to a press release.

The syndicate of six banks is led by Royal Bank of Canada.

The revolver matures in December 2019.

The company said in a press release that it has been working toward its first U.S. non-recourse asset-backed facility for its U.S. prime portfolio segment.

“The new non-recourse facility, expected to close in late September or early October, will further diversify our treasury and match our funding structures with our portfolio composition,” Barry Shafran, Chesswood's president and chief executive officer, said in the release.

Based in Toronto, Chesswood operates in the financial services industry, with equipment finance businesses in both Canada and the United States.

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