Automotive Finco Corp. Announces New Loan With Strong Risk Adjusted Returns and Targeted Increase to Net Asset Value
Automotive Finco Corp. Announces New Loan With Strong Risk Adjusted Returns and Targeted Increase to Net Asset Value
Not for distribution to United States newswire services or for dissemination in the United States. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States.
不得分發至美國通訊社服務或在美國傳播。本新聞稿並不構成在美國出售或要約購買任何證券的要約。
TORONTO, Nov. 18, 2022 (GLOBE NEWSWIRE) -- Automotive Finco Corp. (NEX: AFCC-H) ("AFCC" or the "Company") is pleased to announce that the Company, via Automotive Limited Partnership, has agreed to fund a new unsecured loan (the "Investment") to AA Finance Co LP ("Investee") of $21,000,000.
多倫多, 2022 年 11 月 18 日 (環球通訊社)--汽車金融科技股份有限公司) (下稱「AFCC」或「本公司」) 欣然宣佈，該公司透過汽車有限公司合夥企業已同意向機管局 Finance Co LP (「投資方」) 提供 21,000,000 美元的無抵押貸款 (「投資」)。
The Investment is being made in accordance with the Alliance Agreement, under which a Partnership Suitable Financing has been made available to Automotive Finance Limited Partnership with terms set out in the relevant ROFO notice. These terms were then modified through negotiation in the Company's favor. The Investment will bear interest at 12.0% / annum, payable in cash or 'PIK', with a two year term and, under certain circumstances, will be convertible into equity of a related entity of the Investee. To the extent the convertible option is exercised, AFCC intends to distribute the equity received to its Shareholders, in its sole discretion. The proceeds of the Investment will be used by Investee for General Corporate Purposes which may include acquisitions and related working capital requirements.
該投資是根據聯盟協議進行的，根據該聯盟協議，汽車金融有限公司合作夥伴關係已提供合夥企業合作夥伴關係，並在相關 ROFO 通知中列出條款。然後，這些條款通過協商對公司有利於進行修改。投資項目將承擔年息 12.0% 的利息，以現金或「PIK」支付，期限為兩年。在某些情況下，可轉換為投資人相關實體的股本。在行使可換股權的範圍內，AFCC 打算自行決定將收到的股本分配給其股東。投資所得的收益將被投資者用於一般公司用途，其中可能包括收購及相關的營運資金要求。
The Board views the Investment as an attractive deployment of capital given the ability to lower the contractually set term of a Partnership Suitable Financing from 10 years to two years, an increase in the coupon rate to 12.0% (from 10.5%) as well as the ability to secure an option to convert the Investment into equity under certain circumstances. Assuming the loan is outstanding through maturity, the gross assets of the Company would be expected to increase, before the payment of dividends to shareholders and on a pre-tax basis, by approximately $0.25 / share by the end of the two year term.
董事會認為投資是一項有吸引力的資本部署，因為能夠將合作夥伴合適融資的合約期限從 10 年縮短至兩年，票面利率由 10.5% 提高至 12.0%，並可在某些情況下確保將投資轉換為股本的選擇權。假設貸款在到期前尚未償還，預計公司的總資產將在向股東派發股息前及稅前基礎上增加約 0.25 美元/股。
The Company's strategy is centered around a focus on shareholder aligned capital allocation. Since the Change of Business transaction in 2017, the Company has returned approximately $1.45 / per share(1) to its shareholders through a combination of dividends paid and declared and share buybacks. The Company will continue to focus on the attractive deployment of capital and shareholder returns via dividends going forward. As a result of the new Investment, the Company expects to maintain the dividend at its current level over the near term, subject to ongoing review to ensure its continued sustainability.
公司的策略以股東一致的資本配置為重點。自 2017 年業務交易變更以來，該公司已大約返回 每股(一)通過支付和宣布的股息以及股份回購的組合向股東提供。未來，公司將繼續專注於透過股息部署有吸引力的資本和股東回報。由於新的投資，該公司預計在短期內將股息維持在當前水平，但需要進行持續檢討，以確保其持續可持續發展。
The Alliance Agreement and related documents are available on SEDAR.
聯盟協議和相關文件可在 SEDAR 上取得。
About Automotive Finco Corp.
關於汽車金融科股份有限
Automotive Finco Corp. is a finance company focused exclusively on the auto retail sector. In addition to its interest in Automotive Finance LP, the Company may also pursue other direct investments and financing opportunities across the auto retail sector.
汽車 Finco 是一家專注於汽車零售業的金融公司。除了對汽車金融 LP 的興趣外，該公司還可能在汽車零售業尋求其他直接投資和融資機會。
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
TSX 風險交易所或其監管服務供應商（如 TSX 創業交易所政策中所定義的術語）對此版本的充分性或準確性承擔任何責任。
For further information please refer to the Company's website at or contact Shannon Penney, Chief Financial Officer, at shannon.penney@rogers.com or (905) 619-4996.
欲了解更多信息，請參閱公司網站或與首席財務官香農·彭尼（shannon.penney@rogers.com）或（905）619-4996 聯繫。
- Dividends paid and declared on current basic shares outstanding plus the value of Substantial Issuer Bid ("SIB") that closed in March 2021 divided by the average of the basic shares outstanding immediately prior to the SIB and at June 30, 2022
- 已支付及宣佈於現行已發行基本股份的股息，加上於 2021 年 3 月截止的大發行人出價（「SIB」）的價值除以 SIB 之前及 2022 年 6 月 30 日已發行的基本股的平均值
譯文內容由第三人軟體翻譯。