Alston & Bird client Trade X, a Toronto business-to-business automotive trading platform, has closed a senior secured revolving line of credit of up to $100 million.
Facilitated by institutional private credit platform Finitive, the investment will be used by Trade X to expand its offering across the United States and Canada.
Trade X serves B2B players in the automotive ecosystem, including OEMs, fleet and car dealers, and banks and financial institutions. It is the first global marketplace to aggregate supply and demand for buying and selling pre-owned vehicles across borders.
Advising Trade X on the financing is an Alston & Bird team led by partners Mark Harris and Tara Castillo, associate Summer Allen (Finance), and partner Jonathan Edwards (Financial Restructuring & Reorganization).