Subheading
Axis Auto Finance sets December 16, 2024, as the redemption date for its debentures, aligning with the anticipated sale of its auto loan assets to Fionic Canada Ltd.
Highlights
- Redemption Date Set: Axis Auto Finance announces December 16, 2024, as the redemption date for its debentures.
- Strategic Sale: The redemption aligns with the anticipated sale of Axis’s auto loan assets to Fionic Canada Ltd.
- Installment Payments: Redemption payments will be made in up to three installments, covering interest and principal amounts.
Axis Auto Finance Inc. has announced the proposed redemption of its 7.5% Extendible Unsecured Convertible Subordinated Debentures, setting December 16, 2024, as the redemption date. This decision is in anticipation of the company’s previously announced sale of its auto loan assets and undertaking to Fionic Canada Ltd.
The redemption payment will be made in up to three installments, with the first installment covering the outstanding interest and 60% of the principal amount. The second and third installments will follow, contingent on the completion of the transaction and receipt of payments from the Canada Revenue Agency. This strategic move is part of Axis’s broader plan to streamline its operations and focus on core business areas
