Carfinco Increases Senior Credit Facility to $180 Million
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 statements.
Mr. Tracy A. Graf CEO & Director of Carfinco Financial Group Inc. Telephone: 1-888-486-4356 Facsimile: 1-888-486-7456 E-mail: email@example.com 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: www.howardgroupinc.com
SOURCE: Carfinco Financial Group Inc.
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CO: Carfinco Financial Group Inc. ST: Alberta NI: FIN AUT
-0- Nov/05/2012 22:04 GMT