Goeasy

goeasy Ltd. Closes US$400 Million Offering of Senior Unsecured Notes

Retrieved on: 
Friday, February 23, 2024

MISSISSAUGA, ON, Feb. 23, 2024 /CNW/ - (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) ("goeasy" or the "Company"), one of Canada's leading non-prime consumer lenders, is pleased to announce that it closed its previously announced offering of US$400 million aggregate principal amount of senior unsecured notes due 2029 (the "Notes").

Key Points: 
  • MISSISSAUGA, ON, Feb. 23, 2024 /CNW/ - (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) ("goeasy" or the "Company"), one of Canada's leading non-prime consumer lenders, is pleased to announce that it closed its previously announced offering of US$400 million aggregate principal amount of senior unsecured notes due 2029 (the "Notes").
  • In connection with the offering of the Notes, goeasy also entered into a currency swap agreement (the "Currency Swap") to reduce the Canadian dollar equivalent cost of borrowing on the Notes to 7.195% per annum.
  • Before giving effect to the Currency Swap, the coupon on the Notes is 7.625% per annum.
  • goeasy will use the net proceeds from the sale of the Notes to partially repay indebtedness under its secured facilities and for general corporate purposes.

goeasy Ltd. Reports Results for the Fourth Quarter and Full Year & Announces Increase to Automotive Securitization Facility

Retrieved on: 
Tuesday, February 13, 2024

MISSISSAUGA, Ontario, Feb. 13, 2024 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY), (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, today reported results for the fourth quarter and full year ended December 31, 2023 and announced a $125 million increase to its existing revolving securitization warehouse facility collateralized by automotive consumer loans (the “Automotive Securitization Facility”) from $375 million to $500 million, including a 1-year term extension.

Key Points: 
  • During the quarter, the Company generated loan originations of $705 million, up 12% compared to $632 million produced in the fourth quarter of 2022.
  • At quarter end, the consumer loan portfolio was $3.65 billion, up 30% from $2.79 billion in the fourth quarter of 2022.
  • Operating income for the fourth quarter of 2023 was a record $137 million, up 81% from $76 million in the fourth quarter of 2022.
  • Adjusted operating margin1 for the fourth quarter was a record 41.6%, up from 36.5% in the same period in 2022.

goeasy Ltd. Announces $1.4M Commitment to BGC Canada to Combat Youth Food Insecurity Nationwide

Retrieved on: 
Wednesday, January 17, 2024

In 2014, goeasy expanded its partnership with BGC Canada through its easybites program, a 10-year, $2.5 million commitment to remodel 100 kitchens across the BGC network of clubs nationwide.

Key Points: 
  • In 2014, goeasy expanded its partnership with BGC Canada through its easybites program, a 10-year, $2.5 million commitment to remodel 100 kitchens across the BGC network of clubs nationwide.
  • Last year, goeasy was thrilled to complete their decade-long commitment with the opening of its 100th kitchen in Airdrie, Alberta.
  • Partnerships, like the one we have with goeasy, are essential to BGC Canada's ability to serve communities,” said Owen Charters, President & CEO of BGC Canada.
  • The BGC Canada Food Fund provides foundational food support for clubs by covering the operating costs associated with food delivery and programming, teaching food literacy and nurturing community gardening programs and supporting families experiencing food insecurity.

goeasy Ltd. Announces Renewal of Normal Course Issuer Bid

Retrieved on: 
Tuesday, December 19, 2023

MISSISSAUGA, Ontario, Dec. 19, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY), (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, announced today the acceptance by the Toronto Stock Exchange (the “TSX”) of goeasy’s notice of intention to renew its normal course issuer bid (the “NCIB”).

Key Points: 
  • MISSISSAUGA, Ontario, Dec. 19, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY), (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, announced today the acceptance by the Toronto Stock Exchange (the “TSX”) of goeasy’s notice of intention to renew its normal course issuer bid (the “NCIB”).
  • Pursuant to the NCIB, goeasy may purchase for cancellation up to an aggregate of 1,270,245 common shares in the capital of the Company (the “Common Shares”), representing approximately 10% of goeasy’s public float.
  • As at December 13, 2023, goeasy had 16,603,531 Common Shares issued and outstanding.
  • Under its current normal course issuer bid, which commenced on December 21, 2022 and expires on December 20, 2023, the number of Common Shares that could be repurchased for cancellation was 1,252,730.

goeasy Ltd. Closes US$550 Million Offering of Senior Unsecured Notes

Retrieved on: 
Tuesday, November 28, 2023

MISSISSAUGA, Ontario, Nov. 28, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, is pleased to announce that it closed its previously announced offering of US$550 million aggregate principal amount of senior unsecured notes due 2028 (the “Notes”).

Key Points: 
  • MISSISSAUGA, Ontario, Nov. 28, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, is pleased to announce that it closed its previously announced offering of US$550 million aggregate principal amount of senior unsecured notes due 2028 (the “Notes”).
  • As announced on November 14, 2023, in connection with the offering of the Notes, goeasy also entered into a currency swap agreement (the “Currency Swap”) to reduce the Canadian dollar equivalent cost of borrowing on the Notes to 8.79% per annum.
  • Before giving effect to the Currency Swap, the coupon on the Notes is 9.25% per annum.
  • goeasy will use the proceeds from the sale of the Notes to fund the redemption of all of its outstanding 5.375% senior unsecured notes due 2024 (the “2024 Notes”).

goeasy Ltd. Announces Currency Swap Agreement for US$550 Million of Senior Unsecured Notes

Retrieved on: 
Tuesday, November 14, 2023

MISSISSAUGA, Ontario, Nov. 14, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, is pleased to announce that in connection with the offering (the “Offering”) of its US$550 million aggregate principal amount of senior unsecured notes due 2028 (the “Notes”), which was announced on November 13, 2023, it has now also entered into a currency swap agreement (the “Currency Swap”) to reduce the Canadian dollar equivalent cost of borrowing on the Notes to 8.79% per annum, by fixing the foreign currency exchange rate for the proceeds from the Offering, consistent with the Company’s previous announcement of its intention to do so.

Key Points: 
  • MISSISSAUGA, Ontario, Nov. 14, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY) (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, is pleased to announce that in connection with the offering (the “Offering”) of its US$550 million aggregate principal amount of senior unsecured notes due 2028 (the “Notes”), which was announced on November 13, 2023, it has now also entered into a currency swap agreement (the “Currency Swap”) to reduce the Canadian dollar equivalent cost of borrowing on the Notes to 8.79% per annum, by fixing the foreign currency exchange rate for the proceeds from the Offering, consistent with the Company’s previous announcement of its intention to do so.
  • Before giving effect to the Currency Swap, the coupon on the Notes is 9.25% per annum.
  • After giving effect to the Currency Swap, goeasy estimates that the net proceeds from the Offering will be approximately C$745 million after deducting fees and estimated expenses.

goeasy Ltd. Reports Record Results for the Third Quarter

Retrieved on: 
Tuesday, November 7, 2023

MISSISSAUGA, Ontario, Nov. 07, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY), (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, today reported results for the third quarter ended September 30, 2023.

Key Points: 
  • During the quarter, the Company generated a record $722 million in loan originations, up 13% compared to $641 million produced in the third quarter of 2022.
  • At quarter end, the consumer loan portfolio was $3.43 billion, up 33% from $2.59 billion in the third quarter of 2022.
  • Operating income for the third quarter of 2023 was a record $127 million, up 39% from $91 million in the third quarter of 2022.
  • Adjusted operating margin1 for the third quarter was a record 40.4%, up from 36.2% in the same period in 2022.

goeasy Ltd. Announces Commitment to Bolstering Financial Literacy for New Canadians

Retrieved on: 
Thursday, November 2, 2023

Each November, since 2012, the Financial Consumer Agency of Canada (FCAC) has leveraged Financial Literacy Month to encourage organizations to share resources that help Canadians understand their personal wealth and credit.

Key Points: 
  • Each November, since 2012, the Financial Consumer Agency of Canada (FCAC) has leveraged Financial Literacy Month to encourage organizations to share resources that help Canadians understand their personal wealth and credit.
  • This prompted goeasy Ltd. to conduct a survey of Canadians who came to the country within the last five years to learn about their current financial literacy levels.
  • This survey found that, less than one in five respondents (18%) agreed they had a good understanding of the Canadian financial system.
  • Furthermore, since their arrival, nearly half of newcomers (49%) say their financial literacy has only slightly improved, pointing to a clear gap in the quality of financial education for newcomers in Canada.

goeasy Ltd. Reports Record Results for the Second Quarter

Retrieved on: 
Wednesday, August 9, 2023

MISSISSAUGA, Ontario, Aug. 09, 2023 (GLOBE NEWSWIRE) -- goeasy Ltd. (TSX: GSY), (“goeasy” or the “Company”), one of Canada’s leading non-prime consumer lenders, today reported results for the second quarter ended June 30, 2023.

Key Points: 
  • During the quarter, the Company produced record loan originations of $667 million, up 6% compared to $628 million originated in the second quarter of 2022.
  • At quarter end, the consumer loan portfolio was a record $3.20 billion, up 35% from $2.37 billion in the second quarter of 2022.
  • The growth in consumer loans led to an increase in revenue, which was a record $303 million in the quarter, up 20% from $252 million in the second quarter of last year.
  • Operating income for the second quarter of 2023 was a record $111 million, up 30% from $85 million in the second quarter of 2022.

goeasy Celebrates the Completion of its 100th easybites Kitchen in support of BGC Canada

Retrieved on: 
Wednesday, July 12, 2023

This longstanding partnership led to the launch of the easybites program in 2014, a 10-year and $2.5 million commitment to remodel 100 kitchens across the BGC network of clubs nationwide.

Key Points: 
  • This longstanding partnership led to the launch of the easybites program in 2014, a 10-year and $2.5 million commitment to remodel 100 kitchens across the BGC network of clubs nationwide.
  • "I am thrilled to see our 100th kitchen brought to life as we successfully complete our 10-year commitment to remodel the kitchens of the BGC Canada clubs across the country.
  • Looking ahead, BGC Canada and goeasy Ltd. are looking forward to continuing their partnership in new and meaningful ways.
  • Together, goeasy and BGC Canada are launching a new program – Feed Their Future—which will provide 350,000 meals to youth who attend clubs over the next three years.