TORONTO–(BUSINESS WIRE)–Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a fast-growing financial technology company changing the way Canadians buy and finance used cars, today announced that it intends to extend its maturity date. of 7.5% Revolving Unsecured Convertible Bonds (“Bonds“) through December 31, 2025 and reduce the conversion price of the Notes to $0.80 per share.
The bonds were issued in April 2018 pursuant to the bonds (“Independence“) and TSX Trust Company (“Independent Trustee“) and bear an interest rate of 7.5% per annum, payable semi-annually in arrears on the last day of June and December in each year. The Bonds are convertible at the option of the Bondholder (a “Debentureholder“) at any time prior to the day preceding the Expiration Date (as such term is defined in the Indenture) at the exchange price (“Replacement Price“) of $0.80 per share, subject to amendment pursuant to the terms of the Notes. The Notes may be redeemed in whole or in part at Axis’ option at any time up to the Final Maturity Date. In addition to the proposed amendment providing for a new maturity date and the exchange price, the other terms of the Bonds remain unchanged.
The Bondholders have passed an Extraordinary Resolution (as such term is defined in the Depository Document) approving the amendment of the maturity date and the exchange price and the TSX has conditionally approved the amendment, subject to standard filing conditions.
About Axis Auto Finance
Axis is a financial technology company changing the way Canadians buy and finance used cars. Through our direct-to-consumer website, DriveAxis.ca, customers can select their next vehicle, arrange financing and have the vehicle delivered to their home. Additionally, the company continues to grow B2B non-traditional loan originations by providing innovative technology solutions and superior service to its Merchant Partner Network. All Axis auto loans report to Equifax, resulting in over 70% of customers seeing significant improvements in their credit scores. More information about the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.
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