TSX: CFN
Shares outstanding: 26.4
million
Shares fully diluted: 26.4
million
*****************************
There have been no other
changes to the facility’s financial covenants. ATB joins existing members, Bank
of America, N.A., Bank of Montreal and Wells Fargo.
The addition of ATB to
the syndicate has allowed Carfinco the ability to issue 72 month contracts for
clients with higher credit scores and effectively compete in a lower interest
market. Until now, the Company could only issue a 60 month contract.
Carfinco’s CEO, Tracy Graf was
quoted:
"We are very
pleased to add such a strong Alberta institution to our banking syndicate. The
$25 million increase in the facility gives us the flexibility to fund our
various financing programs and will assist in achieving our targeted organic
growth rate of 15% to 20% per year on the finance receivable portfolio."
Below is a history of
the increases in facility size:
•
February 2008: Increased facility from $65mm to $85mm
and added Bank of Montreal to syndicate
•
December 2008: Wells Fargo Financial Corporation
Canada added to syndicate
•
June 2010: Increased facility from $85mm to $105mm
•
April 2011: Increased facility from $105mm to $130mm
•
October 2012: Increased facility from $130mm to $180mm
See full news release
here...





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