EDMONTON, AB, April 23,
2024 /CNW/ - AutoCanada Inc. ("AutoCanada" or
the "Company") (TSX: ACQ), a multi-location North American
automobile dealership group, announced today that it has amended
its existing credit facility.
The amended credit facility includes extending the maturity date
to April 22, 2027, adding in a new
$25 million CapEx facility to support
the Company's anticipated capital expenditures over the coming
quarters, and increasing the total aggregate bank facilities from
$1.610 billion to $1.635 billion. The amended credit facility also
includes enhancements to used vehicle flooring criteria and other
administrative changes, including the transition from Canadian
Dollar Offered Rate ("CDOR") to Canadian Overnight Repo Rate
Average ("CORRA").
About AutoCanada
AutoCanada is a leading North American multi-location automobile
dealership group currently operating 84 franchised dealerships,
comprised of 28 brands, in eight provinces in Canada and in Illinois, USA. AutoCanada currently sells
Acura, Alfa Romeo, Audi, BMW, Buick, Cadillac, Chevrolet, Chrysler, Dodge,
FIAT, Ford, GMC, Honda, Hyundai, Infiniti, Jeep, Kia, Lincoln, Mazda, Mercedes-Benz, MINI, Nissan,
Porsche, Ram, Subaru, Toyota, Volkswagen, and Volvo branded
vehicles. In addition, AutoCanada's Canadian Operations segment
currently operates 3 used vehicle dealerships and 1 used vehicle
auction business supporting the Used Digital Division, 13 RightRide
division locations, and 11 stand-alone collision centres within our
group of 27 collision centres. In 2023, the Company generated
revenue in excess of $6 billion and
our dealerships sold over 100,000 retail vehicles.
Additional Information
Additional information about AutoCanada is available at the
Company's website at www.autocan.ca and www.sedarplus.ca.
SOURCE AutoCanada Inc.