Case Summary: easyhome, Ltd.
$300 million senior secured credit facility
easyhome Ltd., based in Mississauga, Ontario, is one of the leading providers of merchandise and financial services to the credit constrained consumer. The Company operates two divisions: easyhome Leasing and easyfinancial. As of June 30, 2015, the Company operated 185 easyhome leasing stores (including 24 franchises and 6 consolidated franchise locations) and 201 easyfinancial locations. easyhome offers the consumer a broad selection of quality, brand name products in the appliances, electronics and furniture sectors. Its easyfinancial division is a leading provider of consumer loans as an alternative to traditional banks or other sources of credit.
Since founding easyfinancial in 2006, the Company has experienced significant consumer demand for the product. Crystal began a partnership with the Company in 2012 and has since increased the size of the facility on two occasions to help fund the company’s growth. In order capitalize on the continued demand for their loan product, easyhome sought to upsize the facility yet again in Q2 2015.
Crystal arranged a new $300 million senior secured credit facility that included a $100 million increase in available capital as well as an extension of the maturity. All of the lenders in the existing syndicate participated in the new transaction.
“Crystal Financial has worked hard to develop a financing package that meets the needs of easyhome. The new term loan will allow us to capture more of the demand for alternative sources of consumer financing in the Canadian marketplace and continue growing our financial services businesses.”
—Steve Goertz, Chief Financial Officer