Rifco Extends $100 Million Credit Facility with Wells Fargo
RED DEER, AB / ACCESSWIRE / June 2, 2015 / Rifco National Auto Finance Corporation, subsidiary of RIFCO Inc. (RFC.V), is pleased to announce that it has received an extension of its $100M bank line of credit from the Wells Fargo lead syndicate with ATB Corporate Financial Services.
The facility will now mature on Nov 2, 2016. The Company remains within all financial covenants on the Wells Fargo facility.
The Company continues to have four funding facilities representing eight lenders. The funding facilities now total $260M with remaining funding availability of over $130M. Management is confident that the Company has the funding capacity and access to additional capital in order to execute its strategic plan.
Rifco employs a balanced approach for loan portfolio funding of equity, bank revolving credit, subordinated unsecured debentures and loan securitization funders.
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 21.30 million shares (basic) outstanding and 22.70 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.
SOURCE: RIFCO Inc.
