Accord Financial Corp. (Accord) yesterday announced that it has entered into amendments to its primary credit facility with its banking syndicate. As disclosed in its third quarter report, in November 2023, the Company uncovered significant irregularities in collateral reporting by a borrower related to a US$14.4m loan, which led the company to record a specific provision for credit losses relating to this loan. Since that time, the company has been operating under a series of facility agreement waivers, which provided temporary relief from a technical default caused by a reduction in permitted borrowings as a result of the loan. The amendments announced today modify certain elements of the facility agreement, providing a longer-term resolution through to the facility’s maturity in July 2025.
