EDMONTON, April 5 /CNW/ - Carfinco Income Fund ("Carfinco" or the
"Fund") today announced that its credit facility has been increased to
$130 million from the previous limit of $105 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
interest rate, term and financial leverage ratio remain unchanged.
Carfinco also announces record loan originations during the month of
March with over $10 million in new loans being originated.
"The $25 million increase provided by the banking syndicate facilitates
our growth plans, as the record loan originations in March demonstrate
the demand for Carfinco's loan programs within the automotive
dealership network in Canada," states Tracy Graf, CEO of the Fund.
"We are also pleased to announce, the Fund will be providing additional
financing programs to the Carfinco approved dealerships, initially in
the province of Alberta, as we introduce risk based pricing programs.
The addition of these new financing tiers moves us closer to our goal
of being a "one stop" non-prime financing source within the Canadian
automotive industry," added Graf.
About Carfinco Income Fund
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 units of the Fund trade on The
Toronto Stock Exchange under the symbol "CFN.UN".
Caution Regarding Forward-Looking Statements - This news release
contains certain forward-looking statements, including statements
regarding the business and anticipated financial performance of the
Fund. 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.
SOURCE Carfinco Income Fund
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