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

 MINNEAPOLIS, Dec. 2 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) said today that it completed a public offering of 1,000,000 shares of cumulative convertible exchangeable preferred stock at $25 per share through Piper Jaffray Inc.
 Jeffrey C. Mack, Olympic's chairman and chief executive officer, said the preferred stock offering is one of two planned additions to the company's capital structure, which has been designed to support the company's growth strategies through the expansion of its branch network and the securitization of its receivables. Yesterday, Olympic announced the sale of $18 million of secured senior notes on a private-placement basis through Kidder, Peabody & Co. Incorporated.
 The preferred shares, which began trading on the NASDAQ National Market under the symbol OLYMP Nov. 23, carry a cumulative annual dividend of 8 percent, payable quarterly on Jan. 15, April 15, July 15 and Oct. 15. The shares are convertible at the rate of 4.662 shares of common stock for each share of 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 is a Minneapolis-based company specializing in the purchase, pooling, sale and servicing of retail automobile installment loans originated by a network of more than 800 automobile dealers. It has grown from a single market to seven major metropolitan markets in the past 20 months, and plans to add at least three more before the end next summer.
 "Olympic added 349 dealerships to its network in the fiscal year ended June 30, and has added more than 200 so far in fiscal 1994," Mack said. "Our loan originations increased by 257 percent in the first quarter, on top of a 159-percent increase in fiscal 1993.
 "By broadening our market base and increasing loan acquisitions, we are achieving efficiencies and economies of scale in all key aspects of our operations. We already have the systems capacity to support large- scale growth, and we believe it is in the best long-term interest of the company and our shareholders to use our competitive edge to build a national market base as aggressively as practical at this stage of our development."
 Founded in March 1990, the company now has offices in Arizona, Colorado, Florida, Georgia, Texas and Washington, as well as Minnesota.
 -0- 12/2/93
 /CONTACT: Tom Langenfeld of Swenson Falker Associates, 612-371-0000, for Olympic Financial; or Jeffrey C. Mack of Olympic Financial, 612-942-9880/
 (OLYM)


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

CP-DB -- MN014 -- 9844 12/02/93 13:20 EST
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Publication:PR Newswire
Date:Dec 2, 1993
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