Rifco Renews Securitization Facility for $20 Million from Aviator Trust
05 Noviembre 2013 - 11:15AM
Access Wire
Red Deer, Alberta.
November 5, 2013; Rifco Inc. (TSXV: RFC) is pleased to announce
that Rifco National Auto Finance Corporation has received its first
renewal securitization facility through Aviator Trust for
$20M.
The facility will
allow Rifco to securitize an additional $20M in loans. The facility
structure and pricing are improved and are competitive with the
Company's three other securitization facilities. The facility's
next renewal date is set for October 31, 2014. Rifco's loan
securitization facilities total $120M. Rifco's funding capacity is
well positioned to handle the continuing origination
growth.
The Company must meet
certain financial covenants under the terms of the facility. The
Company has met all of the financial covenants in the prior
year.
Rifco employs a
balanced approach for loan portfolio funding of equity, bank
borrowing, subordinated debt and loan securitization
funders.
About Securcor
Financial Group (Administrative Agent for Aviator Trust)
Aviator Corporation is a member of the Securcor
Financial Group. Securcor provides customized securitization and
structured financing programs for the automotive, equipment,
consumer loan and leasing industries, and has originated more than
$3.5 billion in auto financing, equipment leases and consumer loans
since its inception.
Securcor facilitates
the structuring and distribution of securities and provides
portfolio tracking, reporting, audit and compliance management
services, with a particular emphasis in the automotive and
equipment industries. The address of the Securcor website is www.securcor.com.
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, and exceptional service to its Dealer
partners and its customers.
The
common shares of Rifco Inc. are traded on the TSX Venture Exchange
under the symbol "RFC". There are 20.95 million shares outstanding
and 22.21 million (fully diluted) shares.
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|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 | |
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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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