Rifco Increases Credit Facility to $100 Million
06 Fevereiro 2014 - 8:51PM
Access Wire
Red Deer, Alberta.
February 6, 2014; Rifco National Auto Finance Corporation (TSXV:
RFC) ("Rifco"), is pleased to announce that Rifco's previous $95M
syndicated credit facility has been increased to $100M.
The syndicate has
also approved Letters of Credits that will be deployed in the
normal course of business up to $5M to certain securitization
funders for the return of offsetting amounts from securitization
cash reserve accounts. The issuance of letters of credits will
provide a positive impact on continuing to reduce Rifco's borrowing
costs.
Rifco has immediate
access to the increased limit.
About
Rifco
Rifco Inc. operates
through its wholly owned subsidiary Rifco National Auto Finance
Corporation to provide automobile loans through its dealership
network across Canada.
Rifco National Auto
Finance provides consumers with financing options on new and used
vehicles. Rifco specializes in building long-term partnerships with
dealers by investing time in personalized services through
dedicated account representatives. Rifco's quick credit decisions,
common sense lending, and expedited funding processes give its
dealers better financing options and more closed deals. Rifco's
most successful partnerships result in graduated recognition
programs for its loyal dealerships.
Rifco is committed to
continuing growth. Key strategies for achieving this growth include
the expansion of its automobile dealer base, excellence in credit
and collections processes.
The
common shares of Rifco Inc. are traded on the TSX Venture Exchange
under the symbol "RFC". There are 20.95 million shares (basic)
outstanding and 22.21 million (fully diluted) shares.
CONTACT:
Rifco Inc.
Lance A.
Kadatz
Vice President and
Chief Financial Officer
Telephone:
1-403-314-1288 Ext 7007
Fax:
1-403-314-1132
Email:
kadatz@rifco.net
Website:
www.rifco.net
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
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