Business & Finance
Wed, October 5, 2011Tue, October 4, 2011Mon, October 3, 2011Sun, October 2, 2011Sat, October 1, 2011Fri, September 30, 2011Thu, September 29, 2011Wed, September 28, 2011Tue, September 27, 2011Mon, September 26, 2011Sun, September 25, 2011Sat, September 24, 2011Fri, September 23, 2011Thu, September 22, 2011Wed, September 21, 2011Tue, September 20, 2011Mon, September 19, 2011Sun, September 18, 2011Fri, September 16, 2011Thu, September 15, 2011RIFCO Increases Securcor Trust Securitization Facility to $50 Million
Published in Business and Finance on Monday, September 26th 2011 at 11:12 GMT by Market Wire
RED DEER, AB, Sept. 26, 2011 /CNW/ - RIFCO Inc. (TSXV: RFC) is pleased to announce that it has received its 6th annual renewal on its funding facility with Securcor Trust. This renewal replaces the previous $30M facility with a new facility that has been increased to $50M. Securcor is a valued business partner and the Company's longest standing funder. The $20M increase in the level of commitment is a testament to our long standing partnership and an endorsement of RIFCO's business model.
This facility will allow us to securitize up to $50M in total loans this year. Loans sold in prior years are unaffected by the revised terms and have no effect on the utilization of the new facility limit.
In addition, RIFCO's strong loan performance within the facility continues to generate scheduled cash holdback releases in accordance with the facility parameters. The Company must continue to meet certain financial covenants under the renewal. The Company met all financial covenants in the prior year.
RIFCO employs a balanced approach for loan portfolio funding of equity, bank credit lines, subordinated debt and loan securitization funders.
The renewed facility continues under the Master agreement completed on March 31, 2005 for a term that will expire on September 30, 2012.
About Securcor Corporation (Administrative Agent for Securcor Trust)
Securcor is a specialized Toronto-based investment banking operation providing customized securitization and structured financing services to mid and large sized Canadian companies.
Securcor has a strong presence in the automotive dealer and automotive leasing industry. Securcor has key funding relationships with several leading Canadian and U.S. financial institutions. Securcor senior management team has more than 125 years of related industry experience. The address of the Securcor website is [ www.securcor.com ].
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 National Auto Finance 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, and exceptional service to its Dealer partners and its customers.
The common shares of RIFCO INC. are traded on the TSX Venture Exchange under the symbol "RFC". There are 19.78 million shares outstanding and 21.34 million (fully diluted) shares.
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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.
