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.
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.
Lance A. Kadatz
Vice President and Chief Financial Officer
Telephone: 1-403-314-1288 Ext 7007
Email: [email protected]
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.