Red Deer, Alberta / TheNewswire / Nov 6, 2017 - Rifco Inc. (TSXV: RFC) is pleased to announce that its wholly owned subsidiary, Rifco National Auto Finance (“Rifco”), has completed its renewal with a Canadian Schedule 1 Chartered Bank (“Bank”) for $30M.

 

The Company has been receiving funding from this Bank since July 2012.  

 

The renewed facility limit will accommodate new loan origination growth. Previously securitized loans are not included in the utilization calculation for the new facility. The terms, conditions and structure of the renewed facility are substantially similar to the expiring facility. Rifco has four funding facilities that total $230M with over $93M in unused availability.

 

Rifco’s loan performance within the funding 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 period.

 

Rifco employs a balanced approach for loan portfolio funding of equity, bank borrowing, subordinated debt and loan securitization funders. Management remains confident that access to additional funding for future growth will continue to be available as required.

  

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 21.60 million shares outstanding and 23.13 million (fully diluted) shares.

 

CONTACT: Rifco Inc. Warren Van Orman Vice President and Chief Financial Officer Telephone: 1-403-314-1288 EXT 7007 Fax: 1-403-314-1132 Email: vanorman@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.