09:38 AM EDT, 07/19/2024 (MT Newswires) -- Goeasy ( EHMEF ) said Friday that it is increasing its senior secured revolving credit facility to $550 million from $370 million.

The maturity date was also extended to July 18, 2027.

Goeasy ( EHMEF ) said it can also utilize an accordion feature to increase the size of the facility by up to an additional $150 million.

Amendments also include improved advance rates, less restrictive covenants, and a broader syndicate of lenders.

With the amended facility, Goeasy ( EHMEF ) said it now has nearly $1.3 billion in total funding capacity.

The facility is underwritten by Bank of Montreal, Royal Bank of Canada, Wells Fargo Bank, CIBC, National Bank of Canada, Toronto-Dominion Bank and three new lenders including Desjardins, Bank of Nova Scotia and Raymond James.

"The increase to our revolving credit facility and the addition of three new lenders to the syndicate demonstrates the continued confidence of our bank partners, while providing additional capital to support our organic growth plans," Goeasy ( EHMEF ) President and CEO Jason Mullins said.

Goeasy's ( EHMEF ) share price dropped 3.1% yesterday to $181.75 on the TSX.

Price: 181.71, Change: -0.04, Percent Change: -0.02