EDMONTON, Alberta–(BUSINESS WIRE)–First Access Funding Corp. (“First Access” or the “company”) is pleased to announce the closing of the following credit facilities on Friday September 16, 2016:
1. Ares Management, through its affiliated funds, and First Access Funding Trust, an affiliate of First Access, have entered into a C$75MM term loan credit facility. AltaCorp Capital Inc. (“AltaCorp Capital”) acted as sole placement agent on the transaction.
2. ATB Financial (“ATB”) and First Access have entered into a new C$20MM two-year committed revolving credit facility which replaces the company’s previous demand facility with ATB.
The above two facilities will be used by First Access to fund, in part, its auto loan origination growth throughout Western Canada, Ontario and across the rest of Eastern Canada as the company grows to become a national entity. The company is pleased to continue its positive relationship with ATB, a dominant financial institution in Alberta, and embark on a new relationship with Ares, a leading global alternative asset manager that manages a variety of credit strategies through its Credit Group.
About First Access
First Access is a privately-held finance company that specializes in the origination and servicing of non-prime auto loans. Headquartered in Edmonton, Alberta, First Access has been providing Canadians with non-traditional auto financing since 2012. The company currently provides auto loan financing in Ontario, British Columbia, Alberta, Saskatchewan, and Manitoba.
About AltaCorp Capital
AltaCorp Capital provides advisory and institutional services including Corporate Mergers & Acquisitions, Equity Financings, Debt Capital Markets, Acquisitions & Divestitures, Equity Research and Sales & Trading, to corporations driving Western Canada’s key economies: Energy, Agri-Industry, and Energy Infrastructure & Industrials. AltaCorp is in a strategic partnership with ATB Financial, Alberta’s largest financial institution with assets over $37.7 billion. ATB provides Commercial Lending, Business & Agriculture Industry Banking, and Retail and Investment Services. AltaCorp Capital is a member of IIROC, CIPF, FINRA, and SIPC.
CAUTIONARY STATEMENT: Certain statements contained in this Press Release constitute “forward-looking statements”. Such statements reflect the Company’s current views with respect to future events and are subject to inherent risks, uncertainties and numerous assumptions. By their nature, forward-looking statements involve numerous assumptions, known and unknown, risks and uncertainties, both general and specific, which contribute to the possibility that predictions, forecasts, projections and other forms of forward-looking statements may not be achieved. Accordingly, readers are cautioned not to place undue reliance on forward-looking statements or interpret or regard forward-looking statements as guarantees of future outcomes. All forward-looking statements contained in this Press Release are expressly qualified by this cautionary statement.