goeasy increases capacity of securitization facility by C$500 million

By Devika Patel

Knoxville, Tenn., July 5 – goeasy Ltd. expanded its securitization facility by C$500 million, bringing the total availability up to C$1.4 billion from C$900 million, according to a press release.

The facility, which was established in December 2020, will continue to be structured by National Bank Financial Markets, Bank of Montreal and Royal Bank of Canada.

Interest will still be at one-month CDOR plus 185 basis points.

Current one-month CDOR is 2.23% as of June 30 for an interest rate that would be 4.08%.

The company will continue using an interest rate swap agreement to generate fixed-rate payments on the amounts drawn and mitigate the impact of increases to interest rates.

Proceeds from the securitization facility will be used for general corporate purposes, primarily funding the growth of the company’s consumer loan portfolio.

Based in Mississauga, Ont., goeasy provides non-prime leasing and lending services.

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