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RIFCO Renews $30 Million Securitization Facility with Canadian Chartered Bank

^{Published on 2010-11-24 14:40:26 - Market Wire}
 

RED DEER, AB, Nov. 24 /CNW/ - RIFCO Inc. (TSXV: RFC) is pleased to announce that it has renewed its securitizing facility from a Schedule 1 Canadian Chartered Bank. This facility was originally announced in September 2009.  The facility currently provides capacity to $30M principle balance in total.

The discount rates and effective cost of funds for this facility are typically competitive with RIFCO's other facilities. Under the new agreement securitization rates will be set quarterly.

RIFCO employs a balanced approach for loan portfolio funding of equity, senior debt lines, subordinated debt and loan securitization funders.

About RIFCO Inc

RIFCO is one of Canada's fastest-growing automotive finance companies. Non-traditional auto loans are indirectly originated through a growing network of selected new and used vehicle dealers operating in all provinces except Saskatchewan and Quebec.

The common shares of RIFCO INC. are traded on the TSX Venture Exchange under the symbol "RFC". There are 19.25 million shares outstanding and 20.93 million (fully diluted) shares.

Neither TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.