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Other

Accord Announces Approval of Debenture Amendments

By The Northwire Desk — AI Analysis Jan 27, 2026 · 17:30 ACD · 1.78 ACCORD FINANCIAL CORP.
ACD · Price

Executive Summary

  • Accord Financial Corp.’s holders approved amendments to its 10% Unsecured Subordinated Debentures, extending maturity to July 31 2026 and increasing the interest rate to 12% for the final period.
  • The amendment provides additional time for the company’s ongoing refinancing efforts, including a non‑binding LOI to sell a majority of Accord Financial, Inc.’s loans and negotiations with senior lenders.
  • Similar amendments were approved for the unlisted Series B debentures; the changes will be reflected in a supplemental trust indenture filed on SEDAR+.

Key Details

  • Amendment Terms – 10% Debentures (TSX: ACD.DB):
  • Maturity extended from Jan 31 2026 to Jul 31 2026.
  • Interest rate increased to 12% starting Jan 31 2026; accrued interest will be paid at maturity (13 months total).

  • Accrual schedule: 10% for July 1 2025 – Jan 30 2026; 12% for Jan 31 2026 – Jun 30 2026.

  • Voting Results:

  • Votes in favour: 13,710 debentures (99.24%).

  • Votes against: 105 debentures (0.76%).

  • Series B Debentures: Holders of the unlisted 10% Subordinated Debentures (Series B) approved identical amendment terms.

  • Refinancing Context – CEO Comment:

  • Company is pursuing refinancing of outstanding debt obligations.
  • Signed a non‑binding letter of intent to sell a majority of loans of Accord Financial, Inc.

  • Ongoing discussions with senior lenders and potential new lenders for the senior credit facility due Feb 27 2026.

  • Regulatory Filing: Full amendment terms will be incorporated into a supplemental trust indenture filed on SEDAR+.

Notable Quotes

“Accord continues to pursue a refinancing of its outstanding debt obligations… While there is no assurance that these initiatives will yield a successful result, the Debenture Amendments allow the Company additional time to continue its refinancing efforts.” – Simon Hitzig, President & CEO.

Read the original news release →

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