TORONTO--(BUSINESS WIRE)--Jun. 25, 2024-- Accord Financial Corp. (TSX – ACD) (the “Company”) today announced that it has established two new financing arrangements to support its Canadian small business lending division and BondIt Media Capital (“BondIt”), its U.S.-based media financing arm. Both facilities provide a more competitive cost of funds compared to the funding they replace. The announcement follows on the Company’s previously announced review of strategic initiatives, including efforts to generate additional capital to support portfolio growth.

In Canada, the Company announced the successful closing of a private securitization facility agented by a Fortune 500, Standard & Poor’s AA rated life insurance company. The $40 million facility advances the organization’s goal of diversifying its funding sources to support growth of its Canadian portfolio. This private securitization provides term financing for an amortizing pool of small business loans originated by Accord. “Attracting $40 million of funding from a high-quality finance partner in this economic environment is a testament to Accord’s reputation and underwriting standards,” stated Simon Hitzig, Accord’s President & CEO.

At the same time, BondIt announced the closing of a new, US$60 million credit facility from Keystone National Group, a private credit fund and investment advisory firm headquartered in Salt Lake City. This facility replaces and upsizes a previous credit facility which had been instrumental in supporting BondIt's growth over the past six years. Reflecting on the new funding relationship, BondIt CEO and Co-Founder Matthew Helderman commented, "This larger, more flexible facility will enable us to unlock growth opportunities in the evolving landscape of film, television, and media in a time of unprecedented change. We’ve respected the Keystone team for many years, and we're thrilled to have them on board for the next phase of growth.”

Looking ahead, Mr. Hitzig added, “With these important milestones completed, we’re setting our sights on further strategic initiatives aimed at creating shareholder value over the course of 2024.”

About Accord Financial Corp.

Accord Financial is North America’s most dynamic commercial finance company providing fast, versatile financing solutions including asset-based lending, factoring, inventory finance, equipment leasing, trade finance and film/media finance. By leveraging our unique combination of financial strength, deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive.

For further information please visit www.accordfinancial.com or contact:

Irene Eddy
Senior Vice President, Chief Financial Officer
Accord Financial Corp.
40 Eglinton Avenue East, Suite 602
Toronto, ON M4P 3A2

(416) 961-0304
ieddy@accordfinancial.com

Forward-Looking Statements

This news release contains certain "forward-looking statements" and certain "forward-looking information" as defined under applicable Canadian securities laws. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue", "plans" or similar terminology. Forward-looking statements in this news release include, but are not limited to, statements, management's beliefs, expectations or intentions regarding the financial position of the Company, and the duration of the suspension of the quarterly dividend announced in November 2023. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Forward-looking statements are subject to various risks and uncertainties including the ability of the Company to reinstate dividends and those risks identified in the Accord's periodic filings with Canadian securities regulators. See Accord's most recent annual information form and most recent management’s discussion and analysis of results of operations and financial condition for a detailed discussion of the risk factors affecting Accord. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240625010927/en/

Irene Eddy
Senior Vice President, Chief Financial Officer
Accord Financial Corp.
(416) 961-0304
ieddy@accordfinancial.com

Source: Accord Financial Corp.