Accord Announces Approval of Debenture Amendments
Accord Financial Corp. (“Accord” or the “Company”) (TSX – ACD) today announced that holders of the Company’s 12% Unsecured Subordinated Debentures (the “Debentures”) approved previously announced amendments to the terms of the Debentures at a special meeting of holders of Debentures held earlier today. The amendments (“Debenture Amendments”) were outlined in a management proxy circular mailed to Debentureholders in connection with the meeting and include (i) extending the maturity date of the Debentures from July 31, 2026 to October 31, 2031, provided that if the Company doesn’t refinance its senior credit facility (the “Bank Facility”) by December 31, 2026, the Debentures would instead mature on October 31, 2027, and (ii) decreasing the interest rate to 7% commencing July 31, 2026 and providing the Company flexibility to pay interest in cash or continue to accrue (interest has been accruing since July 1, 2025), and (iii) providing for repayment of 103% of principal (plus any accrued and unpaid interest) in the event of a change of control after December 31, 2026. The Debentures trade on the TSX under the symbol “ACD.DB” and since December 15, 2025 have traded on an “interest flat” basis.
