December 16, 2019
Automotive Finco Corp. Announces Completion of Redemption of Convertible Debentures
TORONTO, ONTARIO December 16, 2019 – Automotive Finco Corp. (TSX-V: AFCC) (“AFCC” or the “Company”) is pleased to announce that, further to its news release dated October 7, 2019, it completed the redemption of all of its outstanding 6.75% convertible senior unsecured debentures maturing on June 30, 2022 (the “Debentures”), in accordance with the terms of the indenture dated June 23, 2017.
On October 7, 2019, the Company issued a redemption notice in respect of the outstanding principal amount of $30,615,000.00 Debentures. The Debentures were redeemed today at a redemption price equal to the aggregate of 103% of $1,000 and all accrued and unpaid interest thereon. All interest on the Debentures ceased to be payable from and after today.
About Automotive Finco Corp.
Automotive Finco Corp. is a high growth specialty finance company focused exclusively on the auto retail sector. Through its investment in Automotive Finance LP, AFCC has exposure to a business providing long term, debt based acquisition financing to auto dealerships across the globe, with an initial focus on Canada. In addition to its interest in Automotive Finance LP, AFCC may also pursue other direct investments and financing opportunities across the auto retail sector.
For further information, please refer to AFCC’s website: www.autofincocorp.com.
For further information, please contact:
Kuldeep Billan, Email: kbillan@autofincocorp.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain forward-looking statements within the meaning of applicable securities laws relating to the Company’s plans, objectives, expectations and intentions. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "confident", "might" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this news release. The forward-looking information and statements included in this news release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in AFCC’s disclosure documents on the SEDAR website at www.sedar.com. AFCC does not undertake to update any forward looking information except in accordance with applicable securities laws.