Rifco Increases Securcor Trust Securitization Facility to $80 Million
29 Abril 2014 - 10:48AM
Access Wire
Red Deer, Alberta / ACCESSWIRE / April 29, 2014 / Rifco Inc.
(TSXV: RFC) is pleased to announce that its wholly owned subsidiary
Rifco National Auto Finance ("Rifco or Company"), has received a
funding facility renewal from Securcor Trust for $80M. This renewal
replaces a previously authorized $50M facility which had been 100%
utilized.
The facility limit increase will accommodate new loan
origination growth. Loans previously securitized have no effect on
the utilization of the new facility limit.
With this renewal, the Company has four funding facilities
representing eight lenders. The funding facilities now total $250M.
In the last four reported quarters, the Company originated $110M in
loans. Management is confident that the Company has the funding
capacity and access to additional capital in order to execute its
strategic plan.
Securcor is the Company's longest standing funder. Securcor and
Rifco are now entering the 10th year of their relationship. The
increased limit is confirmation of this important funding
relationship.
The renewed funding facility continues under the Master
Agreement originally executed on March 31, 2005. The renewed
facility will expire on April 30, 2015. The renewal terms and rates
are comparable to those previously received.
Rifco's strong loan performance within the funding facility
continues to generate scheduled cash holdback releases in
accordance with the facility parameters. The Company must continue
to meet certain financial covenants under the renewal. The Company
met all financial covenants in the prior year.
Rifco employs a balanced approach for loan portfolio funding of
equity, bank revolving credit facility, subordinated unsecured
debentures and loan securitization facilities.
About Securcor Corporation (Administrative Agent for
Securcor Trust)
Securcor Corporation is a member of the Securcor Financial
Group. Securcor provides customized securitization and structured
financing programs for the automotive, equipment and consumer loan
and leasing industries, and has originated more than $4.0 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.securcorfinancial.com.
About Rifco Inc.
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
"Fast Forward 500 Club" 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 21.03 million
shares outstanding and 22.21 million (fully diluted)
shares.
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|CONTACT: | |
|RifcoInc. | |
|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.
SOURCE: Rifco Inc.
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