Correction: Rifco's Securitization Facility with Bank West Expires
22 Enero 2014 - 7:10PM
Access Wire
Red Deer, Alberta. January 22, 2014;
Rifco Inc. (TSXV: RFC) is announcing that it has not renewed its
Bank West securitization facility. The facility was originally
established in August 2009 and had a $30M revolving facility limit.
Rifco has active securitization facilities with 3 other financial
institutions.
On December 23, 2010,
Bank West, a subsidiary of Western Financial Group, was purchased
by Desjardins Financial Group. Rifco has not utilized the Bank West
facility since October of 2012. Rifco's utilization of the facility
has dropped from 92% to 48% in the last year.
As per the Master
agreement signed on August 31, 2009, Rifco will continue to
administer the remaining $14.3M auto loan portfolio. The portfolio
balance will naturally reduce as borrower payments are made over
the coming years.
On January 21, 2014,
Rifco announced an increase to its Mountain View Credit Union
facility from $20M to $50M, through a syndication, that includes
three additional Alberta credit unions.
Rifco's total
securitization facilities now have utilization limits totaling
$120M.
Rifco employs a
balanced approach for loan portfolio funding of equity, bank debt,
subordinated debt and loan securitization funders.
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 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.
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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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