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:
www.PawneeLeasing.com
www.BlueChipLeasing.com
www.TandemFinance.com
www.VaultCredit.com
www.VaultPay.com
www.Rifco.net
www.WaypointInvestmentPartners.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 (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