Red Deer, Alberta / TheNewswire / July 4, 2017 - Rifco Inc. (TSXV: RFC) is pleased to announce that its wholly owned subsidiary Rifco National Auto Finance ("Rifco or Company"), has received a funding facility renewal from Securcor Trust for $50M. Loans previously securitized have no effect on the utilization of the new facility limit.

 

The Company continues to have four funding facilities representing eight lenders. The funding facilities now total $230M with remaining funding availability of over $91M.

 

Securcor is the Company’s longest standing funder. Securcor and Rifco are now entering the 13th year of their funding relationship.  The Company must continue to meet certain financial covenants under the renewal.

 

The renewed funding facility continues under the Master Agreement originally executed on March 31, 2005. The renewed facility will expire on May 31, 2018. The renewal terms and rates are comparable to those previously received.

 

Rifco employs a balanced approach for loan portfolio funding of equity, bank revolving credit, subordinated unsecured debentures and loan securitization facilities.

 

About Securcor Corporation (Administrative Agent for Securcor Trust)

 

Securcor Corporation is a member of the Securcor Financial Group.  Securcor provides customized securitization and structured financing programs for the automotive, equipment and consumer loan and leasing industries, and has originated more than $5B in auto financing, equipment leases and consumer loans since its inception.

 

Securcor facilitates the structuring and distribution of securities and through its subsidiary, Spartan Services Inc., provides portfolio tracking, reporting, audit and compliance management services, with a particular emphasis in the automotive and equipment industries. The address of the Securcor website is www.securcorfinancial.com.

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 23.15 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.