(via Thenewswire.ca)
Red Deer, Alberta / TheNewswire / February 18, 2016 - Rifco National Auto Finance Corporation, subsidiary of Rifco Inc. (TSXV: RFC) is pleased to announce that it has extended its $100M bank line of credit from the Wells Fargo lead banking syndicate.
The facility will now be a 3 year committed facility with a maturity date of Feb 17, 2019 extended from Nov 2, 2016. The terms and conditions of the renewal are broadly comparable to those currently being received. The Company has a range of financial covenants on the facility which are all being met.
The Company continues to have four funding facilities with limits totaling $255M with remaining funding availability of over $130M. Management is confident that the Company has the funding capacity for the current level of originations as well as substantial growth.
Rifco employs a balanced approach for loan portfolio funding of equity, bank revolving credit, subordinated debt 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 21.35 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.
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