November 29, 2017
Automotive Finco Corp. Files Condensed Interim Consolidated Financial Statements for the Seven Months Ended September 30, 2017
TORONTO, ONTARIO November 29, 2017 – Automotive Finco Corp. (TSX-V: AFCC) (the “Company”) today announced that it has filed condensed interim consolidated financial statements for the four and seven months ended September 30th reflecting the previously disclosed change in the Company’s year end to December 31st. The statements together with the Management Discussion and Analysis can be found on SEDAR at www.sedar.com.
The Company’s underlying loan portfolio, via Automotive Finance LP, continues to perform well with interest coverage on an overall portfolio basis improving to 2.6x, or 5.8%, on a last twelve month basis due to EBITDA growth of the underlying borrowers in the aggregate. The Company’s pipeline of investable opportunities on a direct basis and through Automotive Finance LP has continued to expand since inception and the Company is focused on growing equity value and underlying free cash flow per share on an accretive basis.
About Automotive Finco Corp.
Automotive Finco Corp (“AFCC”) is a high growth specialty finance company focused exclusively on the auto retail sector. Through its investment in Automotive Finance LP, the Company 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 the Company’s website: www.autofincocorp.com.
For further information please contact:
Kuldeep Billan, Email: firstname.lastname@example.org
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 may contain certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. 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.