AUTOFINANCE GROUP INC. ANNOUNCES OFFERING
AUTOFINANCE GROUP INC. ANNOUNCES OFFERING OAK BROOK, Ill., Dec. 24 /PRNewswire/ -- AutoFinance Group Inc.
(NASDAQ: AUFN) today announced an offer to the holders of its 9.75 percent Senior Subordinated Notes. Noteholders may exchange notes for common stock valued at $4.71 per share. If all 33 Noteholders accept, approximately 1,385,000 shares will be issued in exchange for $6,528,900 principal amount of Notes, including all interest accrued thereon. The company presently has 6,666,920 shares of common stock outstanding.
The exchange offer expires Jan. 31, 1992. AutoFinance Group Inc. with offices in Oak Brook and Burbank, Calif. acquires automobile finance contracts from franchise new car dealers located primarily in California, Oklahoma, and Illinois. In mid-November 1991 the company sold approximately $14,600,000 of retail installment automobile sales contracts to an institutional investor. Proceeds were used to reduce indebtedness. -0- 12/24/91 /CONTACT: A.E. Steinhaus, president or Blair Nance, CFO, of AutoFinance Group, 708-571-0900/ (AUFN) CO: AutoFinance Group ST: Illinois IN: SU: OFR
AL -- LA005 -- 5171 12/24/91 13:35 EST
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|Date:||Dec 24, 1991|
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