Accord Financial (TSE:ACD) has released an update.
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Accord Financial Corp. has amended its primary credit facility to address a technical default and establish a more conservative borrowing framework, with its facility limit reduced from $375 million to $300 million, and a further decrease to $260 million planned by January 2025. The adjustments, which include revised covenants to ensure more prudent leverage, aim to provide stability and align with the company’s tangible equity and borrowing levels until the facility’s maturity in July 2025. These changes come in the wake of a $14.4 million loan irregularity that was uncovered in late 2023.
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