TORONTO, Aug. 11, 2022 /CNW/ - Chesswood Group Limited ("Chesswood" or the "Company") (TSX: CHW) is pleased to announce that its subsidiary, Pawnee Leasing Corporation ("Pawnee") has closed its marketed U.S. securitization of receivables. Proceeds from this securitization totalled US$347 million and will be used to repay Pawnee's warehouse facility and more than US$75 million of Chesswood's corporate revolving credit facility.
"This transaction strengthens both Pawnee's and Chesswood's financial positions. The success of this asset-backed securitization is evidence of Pawnee's high quality portfolio and further demonstrates Chesswood's ability to manage treasury and funding resources, allowing us to continue to grow the business" said Ryan Marr, Chesswood's President and CEO
ABOUT CHESSWOOD GROUP LIMITED
Through three wholly-owned subsidiaries in the United States and five subsidiaries in Canada, two of which are wholly-owned, Chesswood Group Limited is a North American specialty finance company publicly traded on the Toronto Stock Exchange. Colorado-based Pawnee, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through relationships with over 600 brokers in the United States. Tandem Finance Inc. provides financing in the U.S. through the equipment vendor channel. Blue Chip Leasing Corporation has been originating and servicing commercial equipment leases and loans in Canada since 1996. Vault Credit Corporation specializes in equipment leases and commercial loans across Canada, allowing for customizable financing solutions while catering to a wide spectrum of credit tiers, equipment types and sectors by offering industry-leading service levels, experienced underwriters and account administrators. Blue Chip and Vault Credit operate through a nationwide network of more than 60 brokers. Vault Home Credit Corporation was launched in September 2021 and focuses on providing home improvement and other consumer financing solutions in Canada. Rifco National Auto Finance Corporation, with the mission to help Canadians own automobiles, seeks to create sustainable long-term competitive advantages through personalized partnerships with dealers, innovative products, the use of industry-leading data and analytics, and leading collection practices. Through Waypoint Investment Partners Inc., a Toronto-based investment manager and exempt market dealer, and Chesswood Capital Management USA Inc., Chesswood Capital Management provides private credit alternatives to Canadian and U.S. investors seeking exposure to lease and loan receivables, including those originated by Chesswood subsidiaries.
Based in Toronto, Canada, Chesswood Group Limited's shares trade on the TSX under the symbol CHW.
To learn more about Chesswood Group Limited, visit www.ChesswoodGroup.com.
The websites of Chesswood Group Limited's operating businesses are:
This press release contains forward-looking statements that involve a number of risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Many factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements (including the ultimate duration and severity of the COVID-19 pandemic, the impact of the military conflict in Ukraine and related multinational sanctions, the successful growth of Vault Home, the successful integration of Rifco and Waypoint, and the successful growth of CCM). By its nature, this information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. Additional information about the risks and uncertainties of the Company's businesses and material factors or assumptions on which information contained in forward-looking statements is based is provided in its publicly filed documents, including the Company's annual information form and management's discussion and analysis of financial condition and performance, which are available electronically through the System for Electronic Document Analysis and Retrieval at www.sedar.com.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
SOURCE Chesswood Group Limited