Daily News: August 5, 2013

Wells Fargo Leads Rifco Facility Increase

Rifco National Auto Finance announced that the company’s previous $70,000 credit facility with Wells Fargo has been increased to $95,000 and has been syndicated to include ATB Corporate Financial Services.

Wells Fargo is the lead on the syndicated credit facility. The facility retains its November 2015 renewal date and all other terms and conditions remain unchanged.

Rifco has immediate access to the increased limit on the credit facility. The company has six funders that include Canadian and American banks, an Alberta credit union and a Canadian insurance company.

Rifco recently recast its vision. The Company’s vision is to become a $500 million-per-year lender. To reach this vision, the company expects to achieve a loan origination growth rate of between 30% and 50% per year.

ATB Financial is the largest Alberta, Canada-based financial institution, with assets of over $33 billion. ATB provides retail, business and agri-business, and investment solutions.

Rifco National Auto Finance provides consumers with financing options on new and used vehicles.