TORONTO--(BUSINESS WIRE)-- Accord Financial Corp. (TSX – ACD) (“Accord†or the “Companyâ€) today announced the sale of certain loans from its US subsidiary, Accord Financial, Inc. (“AFIUâ€). As previously announced, the Company has been working on this transaction since mid-December 2025 pursuant to a signed LOI with a US-based buyer.
The sale is a key component of the Company’s previously announced strategic plan to divest non-core assets, refinance its outstanding debt, and refocus the business on the Canadian market. Gross proceeds from the sale were approximately $8.4 million (US$6.1 million). Net proceeds, after transaction-related expenses, will be used to pay down the Company’s primary banking facility. While the gross proceeds are lower than initially contemplated in the LOI, the Company has reduced its bank indebtedness through additional loans sales and loan repayments of approximately $38.2 million (US$27.8 million) since December 2025. The Company continues to pursue additional transactions to divest assets, including the remaining US portfolio assets, in order to repay its outstanding debt obligations.
“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,†commented Simon Hitzig, Accord’s President & CEO.
As previously disclosed in the Company’s public filings, Accord has been working with financial advisors to pursue a broad range of strategic initiatives to repay or refinance its outstanding debt obligations, to further streamline the business and to strengthen the balance sheet, including through the sale of non-core business units and portfolio assets. The Company recently announced an extension of the maturity of its senior secured revolving credit facility to March 31, 2026 and earlier this year extended the maturity of its outstanding debentures to July 31, 2026. This transaction, following the recent sale of BondIt Media Capital, is another step in the execution of the Company’s refinancing plan.
All U.S. dollar amounts have been converted to Canadian dollars using the Bloomberg spot exchange rate as of 12:00 p.m. (Toronto time) on March 13, 2026 of US$1.00 = CAD$1.3735.
About Accord Financial Corp.
Accord Financial is one of Canada's most dynamic commercial finance companies providing fast, versatile financing solutions including asset-based lending, factoring, inventory finance, equipment finance and trade finance. By leveraging our unique combination of deep experience and independent thinking, we craft winning financial solutions for small and medium-sized businesses, simply delivered, so our clients can thrive.
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 pursuit by the Company of a broad range of strategic initiatives to streamline its business, repay its debt obligations and strengthen its balance sheet, including through the sale of non-core business units and portfolio assets. 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 execute on its plan to streamline its business and strengthen its balance sheet, the ability of the Company to repay its outstanding debt obligations when due or to continue to enter into arrangements with its lenders to further extend the maturity date of its credit facilities on reasonable terms, or at all, and the Company's overall liquidity and capital resource position and its ability to continue to operate as a going concern. 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.
