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OLYMPIC FINANCIAL LTD. ANNOUNCES OFFERING OF CUMULATIVE CONVERTIBLE EXCHANGEABLE PREFERRED STOCK

 MINNEAPOLIS, Nov. 23 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) said today that its registration statement has become effective and a public offering of 1,000,000 shares of cumulative convertible exchangeable preferred stock at $25 per share was made through Piper Jaffray Inc.
 The preferred stock began trading on the NASDAQ National Market under the symbol OLYMP today.
 The preferred shares are priced with a cumulative annual dividend of 8 percent, payable quarterly on Jan. 15, April 15, July 15 and Oct. 15. Each preferred share is convertible into 4.662 shares of common stock -- equivalent to $5.3625 per share. The preferred shares will be exchangeable at the company's option on any dividend payment date beginning Oct. 15, 1994, for the company's 8-percent convertible subordinated debentures due 2008 at the rate of $25 of debentures for each share of preferred stock. The debentures are convertible on the same basis as the preferred stock.
 Proceeds from offering will be used for general working capital purposes, including financing the purchase of automobile loans, paying dealer commissions and funding spread accounts in connection with the company's future securitization transactions.
 Olympic Financial Ltd. specializes in the purchase, pooling, sale and servicing of retail automobile installment loans originated by a network of automobile dealers in Arizona, Colorado, Florida, Georgia, Minnesota, Texas and Washington. The company is headquartered in Minneapolis.
 This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the company's securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such State. The offering may be made only by a written prospectus meeting the requirements of Section 10 of the Securities Act of 1933. Copies of the prospectus may be obtained from Piper Jaffray Inc., Piper Jaffray Tower, 222 S. 9th St., Minneapolis, Minn. 55402.
 -0- 11/23/93
 /CONTACT: Tom Langenfeld, Swenson Falker Associates, 612-371-0000, for Olympic Financial; or Jeffrey C. Mack, Olympic Financial, 612-942-9880/
 (OLYM)


CO: Olympic Financial Ltd. ST: Minnesota IN: FIN SU: OFR

DB-CP -- MN022 -- 7298 11/23/93 13:23 EST
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Publication:PR Newswire
Date:Nov 23, 1993
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