MISSISSAUGA, Ontario, July 16, 2018 (GLOBE NEWSWIRE) — goeasy Ltd. (TSX:GSY) (“goeasy” or the “Company”) is pleased to announce that it closed its offering of US$150 million 7.875% senior unsecured notes due November 1, 2022.  These notes were issued at a price of US$1,050 per US$1,000 principal amount.  Concurrently with the offering, goeasy entered into a cross currency swap agreement (the “Currency Swap”) to fix the foreign currency exchange rate for the proceeds from the offering and for all required payments of principal and interest under these notes.  After giving effect to the Currency Swap, the Canadian dollar equivalent yield to maturity on these notes will be 6.17% per annum.

goeasy estimates the net proceeds from the offering will be approximately C$203 million after deducting fees and estimated expenses.  goeasy intends to use the net proceeds from the sale of these notes to expand its consumer loans receivable portfolio, for general corporate purposes and to pay fees and expenses of the offering including fees associated with the Currency Swap.

“We are pleased to have completed our most recent round of financing,” said David Ingram, goeasy’s Chief Executive Officer.  “Our ability to raise capital at increasingly lower rates, coupled with our enhanced revolving credit facility, will allow us to continue to grow our business unencumbered so that we can provide even more Canadians with the financial support they require as they rebuild their credit and ultimately graduate to prime rates”. 

Forward-Looking Statements

This press release includes forward-looking statements about goeasy, including, but not limited to, the Company’s growth plans, and expectations regarding the use of proceeds of this  offering and regarding the effect of the Currency Swap. In certain cases, forward-looking statements are statements that are predictive in nature, depend upon or refer to future events or conditions, and/or can be identified by the use of words such as ‘expects’, ‘anticipates’, ‘intends’, ‘plans’, ‘believes’, ‘budgeted’, ‘estimates’, ‘forecasts’, ‘targets’ or negative versions thereof and similar expressions, and/or state that certain actions, events or results ‘may’, ‘could’, ‘would’, ‘might’ or ‘will’ be taken, occur or be achieved.  Forward-looking statements are based on certain factors and assumptions, including expected growth, market conditions, results of operations and business prospects and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company’s operations, economic factors and the industry generally, as well as those factors referred to in the Company’s Annual Information Form dated February 20, 2018, its Management Discussion and Analysis for the year ended December 31, 2017 and its Management Discussion and Analysis for the three month period ended March 31, 2018, as available on www.sedar.com, in each case in the section entitled “Risk Factors”. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those expressed or implied by forward-looking statements made by the Company.  The reader is cautioned to consider these and other factors carefully and not place undue reliance on forward-looking statements. The Company is under no obligation (and expressly disclaims any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise, unless required by law.

About goeasy

goeasy Ltd. is a leading full-service provider of goods and alternative financial services that provides everyday Canadians with a chance for a better tomorrow, today.  goeasy Ltd. serves its customers through two key operating divisions, easyfinancial and easyhome. easyfinancial is a non-prime consumer lender that bridges the gap between traditional financial institutions and costly payday lenders. It is supported by a strong central credit adjudication process and industry leading risk analytics. easyfinancial also operates an indirect lending channel, offering loan products to consumers at the point-of-sale of third party merchants. easyhome is Canada’s largest lease-to-own company, offering brand-name household furniture, appliances and electronics to consumers under weekly or monthly leasing agreements through both corporate and franchise stores. Both operating divisions of goeasy Ltd. offer the highest level of customer service and enable customers to transact through a national store and branch network and through its online and mobile eCommerce enabled platforms.

goeasy Ltd. is listed on the TSX under the symbol ‘GSY’.

For further information contact:

David Ingram
Chief Executive Officer
(905) 272-2788