Vancouver, British Columbia, November 19, 2012 - RIFCO Inc (TSXV:RFC) President & CEO Bill Graham recently presented at the Small-Cap Conference held at the Vancouver Convention Centre.
RIFCO Inc., through its wholly owned subsidiary RIFCO National Auto Finance Corporation, provides consumers with financing options on new and used vehicles, through its dealership network across Canada.
The company 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 National Auto Finance Corporation recently announced that it has closed a $70M secured revolving line of credit from Wells Fargo. The term of the facility is three years.
This facility, with a three year term, replaces the $10M senior credit facility with BMO Bank of Montreal. In addition to the seven fold increase in the borrowing limit, other terms and conditions are improved. As the facility is denominated in Canadian dollars, RIFCO has no currency risk.
RIFCO is very pleased to have Wells Fargo as a significant funding partner. With this facility, the company anticipates the following benefits:
RIFCO employs a balanced approach for loan portfolio funding of equity, secured revolving credit, unsecured debentures and loan securitization funders. This new facility provides improved funding balance that complements the existing $150M in securitization facilities.
The shares currently trade at $2.39, and with approximately 20.25 million shares outstanding, the company is capitalized at $48.4 million.
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Barry Morgan, CFO