goeasy Ltd. announced that it has completed an amendment to increase its existing senior secured revolving credit facility (the Credit Facility), including a term extension, borrowing enhancements and the addition of three new lenders. The company is increasing its Credit Facility from $370 million to $550 million, with the maturity extended to July 18, 2027. The facility will continue to bear interest on advances payable at the rate of Adjusted 1-Month Term Canadian Overnight Repo Rate Average (Adjusted CORRA) plus 225 bps.

Based on the current Adjusted CORRA rate of 4.92% as of July 17, 2024, the interest rate on the principal amount drawn would be 7.17%. Additionally, the amendment incorporates key modifications including improved advance rates, less restrictive covenants, and a broader syndicate of lenders. The amended Credit Facility is underwritten by Bank of Montreal, Royal Bank of Canada, Wells Fargo Bank, CIBC, National Bank of Canada, Toronto-Dominion Bank and three new lenders including Desjardins, Bank of Nova Scotia and Raymond James.

The company can also utilize an accordion feature to increase the size of the facility by up to an additional $150 million.