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Financings

Accord Financial Closes Sale of US Portfolio Assets

By The Northwire Desk — AI Analysis Mar 13, 2026 · 17:30 ACD · 1.95 ACCORD FINANCIAL CORP.
ACD · Price

Executive Summary

  • Accord Financial Corp. completed the sale of certain U.S. loan assets from its subsidiary, generating gross proceeds of approximately $8.4 million (US$6.1 million).
  • Net proceeds will be applied to reduce the company’s primary banking facility, further advancing its debt‑refinancing and non‑core asset divestiture strategy.
  • Since December 2025, Accord has repaid or sold roughly $38.2 million of loan assets, substantially lowering its outstanding indebtedness.

Key Details

  • Transaction: Sale of selected loans held by U.S. subsidiary Accord Financial, Inc. (AFIU).
  • Gross Proceeds: ~CAD $8.4 million (US$6.1 million) – lower than originally anticipated in the LOI.
  • Net Use of Proceeds: Applied to pay down the primary banking facility, supporting ongoing refinancing efforts.
  • Cumulative Debt Reduction: Approximately CAD $38.2 million (US$27.8 million) repaid or sold since December 2025 through additional loan sales and repayments.
  • Strategic Context: Part of a broader plan to divest non‑core assets, refinance outstanding debt, and refocus on the Canadian market.
  • Related Activities: Recent extension of senior secured revolving credit facility maturity to 31 Mar 2026; earlier extension of debenture maturities to 31 Jul 2026; prior sale of BondIt Media Capital.
  • Exchange Rate Used: US$1.00 = CAD$1.3735 (Bloomberg spot rate as of 13 Mar 2026, 12:00 p.m. Toronto time).

Notable Quotes

“We are pleased to finalize this deal with a growing, well‑respected asset‑based lender. Our longtime US clients are in good hands as we shift attention to our Canadian business,” – Simon Hitzig, President & CEO, Accord Financial Corp.

Read the original news release →

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M&A / Property