07:11 AM EST, 12/30/2024 (MT Newswires) -- AutoCanada ( AOCIF ) on Monday said it has closed a second amendment to its credit facility with Scotiabank (BNS.TO) and other lenders.

Key terms include lender approval to amend the definition of EBITDA to include add-backs of up to $35 million for specific one-time expenses, including US$20 million provisioned for Federal Trade Commission settlement expenses.

Earlier this month, AutoCanada ( AOCIF ) said it will pay US$20 million to the FTC and the state of Illinois to resolve the Commission's civil investigation into certain business practices at AutoCanada's ( AOCIF ) dealerships in Illinois. The agreement, which does not carry civil penalties, contains no admission of wrongdoing.