Red Deer, Alberta. January 10, 2012; RIFCO Inc. (TSXV: RFC.V) is pleased to announce that it has completed its second annual renewal of its securitization facility from a Schedule 1 Canadian Chartered Bank. This facility was originally announced in September 2009 and will continue to have a $30M limit with a Dec 31, 2012 expiry date.
The discount rates and effective cost of funds for this facility have been improved.
RIFCO employs a balanced approach for loan portfolio funding of equity, senior debt lines, subordinated debt and loan securitization funders.
About RIFCO
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 19.78 million shares (basic) outstanding and 21.34 million (fully diluted) shares.
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|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 | |
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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.
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