"Being able to access additional capital allows us to fund and accelerate our growth plans for easyfinancial," said
The Company launched easyfinancial in 2006 to provide term financing to consumers looking for credit alternatives that are more readily accessible than banks and less costly than payday loans. Over the past 36 months, easyfinancial has tripled the size of its consumer loans receivable portfolio to
"The new credit facility will allow us to capture more of the strong demand for alternative sources of consumer financing in the Canadian marketplace and continue growing our high margin easyfinancial business," said
The new credit facility, which expires on
The new credit facility is secured by a first charge over substantially all of the assets of easyhome and its subsidiaries, contains certain positive, negative and financial covenants, and includes other usual and customary terms and conditions.
"We are pleased to act as Administrative Agent and lead arranger on this new expanded term loan facility for easyhome," said
As a result of the access to additional capital and the strong growth of the easyfinancial consumer loans receivable portfolio, the Company has revised its loan book and sales growth targets. The Company now anticipates that the loan book will reach
"We are confident that our growth plans for easyfinancial, including our omni-channel strategy for the distribution of new loans, will enable us to achieve our loan book targets," said
easyhome Ltd. is the Canadian leader in providing goods and financial services to the cash and credit constrained consumer. easyhome Ltd. serves its customers through two key operating divisions, easyhome Leasing and easyfinancial. easyhome Leasing is
About Crystal Financial
This news release includes forward-looking statements about easyhome Ltd., including its business operations, strategy and expected financial performance and condition. Forward-looking statements include statements that are predictive in nature, depend upon or refer to future events or conditions, or include words such as 'expects', 'anticipates', 'intends', 'plans', 'believes' or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future financial performance (including revenue, earnings or growth rates), ongoing business strategies or prospects about future events is also a forward-looking statement. Forward-looking statements are based on certain factors and assumptions, including expected growth, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about our operations, economic factors and the industry generally. They are not guarantees of future performance, and actual events and results could differ materially from those expressed or implied by forward-looking statements made by us, due to, but not limited to important factors such as our ability to enter into new lease and/or financing agreements, collect on existing lease and/or financing agreements, open new locations on favourable terms, secure new franchised locations, purchase products which appeal to our customers at a competitive rate, cope with changes in legislation, react to uncertainties related to regulatory actions, raise capital under favourable terms, manage the impact of litigation (including shareholder litigation), control costs at all levels of the organization and maintain and enhance our system of internal controls. We caution that the foregoing list is not exhaustive. The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements, which may not be appropriate for other purposes. We are under no obligation (and expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless otherwise required by law.
FOR FURTHER INFORMATION PLEASE CONTACT: easyhome Ltd.
David IngramPresident & Chief Executive Officer (905) 272-2788 easyhome Ltd. Steve GoertzSenior Vice President and Chief Financial Officer (905) 272-2788 www.easyhome.ca Source: easyhome Ltd.