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OLYMPIC REGISTERS OFFERING OF 1,000,000 SHARES OF CONVERTIBLE PREFERRED STOCK

 MINNEAPOLIS, Oct. 1 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) said today that it has filed a registration statement for a public offering of 1,000,000 shares of cumulative convertible exchangeable preferred stock with a stated value of $25 per share.
 The offering will be made through a group of underwriters led by Piper Jaffray Inc. Proceeds from the offering will be used for general working capital purposes, including funding dealer commissions and financing the purchase of automobile loans and funding spread accounts in connection with 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, Minnesota, Texas and Washington. The company is headquartered in Minneapolis.
 A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. 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 these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the security 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. Ninth Street, Minneapolis, Minn., 55402.
 -0- 10/1/93
 /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

AL-PB -- MN005 -- 7649 10/01/93 08:51 EDT
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Publication:PR Newswire
Date:Oct 1, 1993
Words:308
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