EDMONTON, Nov. 5, 2012 /CNW/ - Carfinco Financial Group Inc. ("Carfinco" or
the "Company"), today announced that its senior credit facility has been
increased to $180 million from the previous limit of $130 million.
The banking syndicate remains the same with Bank of America, N.A., Bank of
Montreal and Wells Fargo Financial Corporation Canada providing the credit.
The expiry of the agreement with the syndicate is extended to November 5,
2014. The interest rate and financial leverage remain unchanged.
"We look forward to the continued relationship with our banking syndicate,"
stated Tracy Graf, CEO of Carfinco. "The $50 million increase in the facility
gives us the access to capital needed to achieve our targeted growth of
approximately 20% per year."
About Carfinco Financial Group Inc.
Carfinco focuses on providing consumer vehicle loans to borrowers unable to
obtain financing through traditional lending sources. A network of select
independent and franchise dealerships offer Carfinco's payment plan to their
customers who must, along with the vehicle, meet Carfinco's underwriting
guidelines. The shares of the Company trade on The Toronto Stock Exchange
under the symbol "CFN".
Caution Regarding Forward-Looking Statements - This news release contains
certain forward-looking statements, including statements regarding the
business and anticipated financial performance of the Company. These
statements are subject to a number of risks and uncertainties. Actual
results may differ materially from results contemplated by the forward-looking
statements. When relying on forward-looking statements to make decisions,
investors and others should carefully consider the foregoing factors and other
uncertainties and should not place undue reliance on such forward-looking
Mr. Tracy A. Graf CEO & Director of Carfinco Financial Group Inc.
E-mail:firstname.lastname@example.org Web site:www.carfinco.com
The Howard Group Inc. Jeff Walker Investor Relations
Telephone:1-888-221-0915 E-mail:Info@howardgroupinc.com Web site:
SOURCE: Carfinco Financial Group Inc.
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CO: Carfinco Financial Group Inc.
NI: FIN AUT
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