Chesswood Announces New Additional Funding Facility for Pawnee
Chesswood Announces New Additional Funding Facility for Pawnee |
[22-July-2019] |
Facility with Sun Life Provides Fixed Rate Funding and Competitive Pricing TORONTO, July 22, 2019 /CNW/ - Chesswood Group Limited ("Chesswood") (TSX: CHW) is pleased to announce the recent closing of a new funding facility with Sun Life Assurance Company of Canada ("Sun Life") for our subsidiary Pawnee Leasing Corporation ("Pawnee"), This new facility finances Pawnee's prime originations and provides additional annual funding for Pawnee of up to US$80 million, with a cost of funds that are fixed at the time of each tranche. Sun Life has been providing financing to Chesswood's Canadian finance business, Blue Chip Leasing, for many years and this new program for Pawnee is a further extension of this long-standing relationship. Sun Life has been a leader in providing equipment finance facilities to many Canadian finance companies for over 25 years while gradually expanding their US portfolio. Sun Life is one of the largest insurance and asset management companies in the world. "This additional capacity for Pawnee broadens our treasury resources, expands our capacity and improves Pawnee's over-all cost-of-funds in addition to locking in a fixed rate at the time of funding" said Barry Shafran, Chesswood's President and CEO. "We are very pleased to be expanding our relationship with Sun Life while enhancing Pawnee's financial resources and expanding its banking relationships" Shafran added. About Chesswood Learn more at: www.Chesswoodgroup.com www.PawneeLeasing.com www.BlueChipLeasing.com and www.TandemFinance.com 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. 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 the 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 | ||
Company Codes: Toronto:CHW |
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