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OLYMPIC FINANCIAL LTD. COMPLETES MAJOR SECURITIZATION OF LOAN PORTFOLIO

 OLYMPIC FINANCIAL LTD. COMPLETES
 MAJOR SECURITIZATION OF LOAN PORTFOLIO
 MINNEAPOLIS, June 24 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ: OLYM) announced today that it has completed the securitized sale of $41.6 million of company receivables. The sale was handled through Olympic's financial advisor, Kidder, Peabody & Co., Inc.
 "This sale encompasses loans we have acquired as an alternative source of financing for automobile dealers in Minnesota and Colorado," Jeffrey C. Mack, Olympic chairman and chief executive officer, said. "The interest rate spread realized on this sale is consistent with the company's objectives and should provide the basis for profitable operations in the quarter ending June 30."
 Mack said the company anticipates similar structures and interest margins on future sales. The company plans to securitize its product for sale approximately four times in 1993, in increments of $30 million to $60 million.
 Olympic's fiscal year ends June 30.
 The company completed its first asset-backed securities transaction in February -- a sale of automobile loan pass-through certificates totaling $8.28 million.
 Olympic also said it has completed the funding of $10 million of its senior subordinated notes with warrants in a private placement with institutional investors. The placement was arranged with the assistance of Kidder, Peabody to support Olympic's expansion strategies and the sale of its product in the asset-backed securities market.
 Olympic Financial Ltd., based in Minneapolis, has acquired approximately $85 million in retail automobile finance contracts since June 1990. The company opened its Denver office in late April and has entered into agreements with more than 80 auto dealerships in the Colorado market in addition to more than 170 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- 6/24/92
 /CONTACT: Tom Langenfeld, 612-371-0000, of Swenson Falker Eilertsen, for Olympic Financial, or Jeff Mack, 612-942-9980, of Olympic Financial/
 (OLYM) CO: Olympic Financial Ltd. ST: Minnesota IN: FIN SU:


DB -- MN012 -- 3446 06/24/92 16:37 EDT
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Publication:PR Newswire
Date:Jun 24, 1992
Words:336
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