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OLYMPIC FINANCIAL ANNOUNCES AGREEMENT FOR PRIVATE PLACEMENT OF $10 MILLION IN NOTES

 OLYMPIC FINANCIAL ANNOUNCES AGREEMENT FOR
 PRIVATE PLACEMENT OF $10 MILLION IN NOTES
 MINNEAPOLIS, June 1 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ: OLYM) announced today that it has reached an agreement in principle with institutional investors for a private placement of $10 million of Olympic's senior subordinated notes with warrants. The placement will be arranged with the assistance of Kidder, Peabody & Co.
 Funding is expected to occur concurrent with a planned securitization of the company's current portfolio in mid-June, Jeffrey C. Mack, chairman and chief executive officer, said.
 "This private placement will further enhance our company's capital base, allowing Olympic to continue its expansion strategies and the sale of its product in the asset-backed securities market," Mack said.,
 Olympic Financial Ltd., based in Minneapolis, has acquired approximately $75 million in retail automobile finance contracts since June 1990. The company opened its Denver, Colo., office in late April and has entered into agreements with 87 auto dealerships in the Colorado market in addition to 162 in Minnesota.
 Olympic, which completed its initial public offering in January, specializes in the sale and servicing of retail automobile installment loans originated by a network of automobile dealers.
 -0- 6/1/92
 /CONTACT: Tom Langenfeld of Swenson Falker Eilertsen, 612-371-0000, for Olympic Financial, or Jeff Mack of Olympic Financial, 612-942-9980/
 (OLYM) CO: Olympic Financial Ltd. ST: Minnesota IN: FIN SU: OFR


AL -- MN011 -- 5683 06/01/92 12:29 EDT
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Publication:PR Newswire
Date:Jun 1, 1992
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