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TORONTO — Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a fast-growing financial technology company changing the way Canadians buy and finance used vehicles, today announced today its intention to extend the maturity date of its 7.5% Extendible Convertible Unsecured Subordinated Debentures (the “Debentures“) until December 31, 2025 and decrease the conversion price of the debentures to $0.80 per share.
The Debentures were issued in April 2018 pursuant to a Debenture Indenture (the “Indenture“) with TSX Trust Company (the “Trustee under contract“) and bears interest at the rate of 7.5% per annum, payable semi-annually in arrears on the last day of June and December of each year. The debentures are convertible at the option of the holder of the debentures (a “Debenture holder“) at any time prior to the day immediately preceding the Final Expiry Date (as that term is defined in the Indenture) at a Conversion Price (the “Processing price“) of $0.80 per share, subject to adjustments in accordance with the provisions of the Trust Indenture. The Debentures are redeemable in whole or in part at Axis’ option at any time until the final maturity date. Except for the proposed amendments providing for a new maturity date and a new conversion price, the other terms of the debentures remain unchanged.
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The Debentureholders have passed an Extraordinary Resolution (as that term is defined in the Indenture) approving the changes to the Maturity Date and Conversion Price and the TSX has conditionally approved the changes, subject to the usual deposit conditions.
About Axis Auto Finance
Axis is a fintech company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and have the car delivered to their doorstep. Additionally, the company continues to expand non-preferential B2B auto lending by providing innovative technology solutions and superior service to its network of dealer partners. All Axis auto loans are handled by Equifax, resulting in over 70% of customers seeing a significant improvement in their credit rating. Further information on the Company is available at https://www.axisfinancegroup.com/investors-press-releases/.
The Toronto Stock Exchange has neither approved nor disapproved of the contents of this press release. Neither the Bourse nor its Regulation Services Provider (as that term is defined in the policies of the Bourse) accepts responsibility for the adequacy or accuracy of this release.
Axis Auto Finance Inc.