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BRIEF-Automotive Finco Corp announces dividend increase and $40 mln financing
May 29, 2017 / 7:59 PM / 2 months ago

BRIEF-Automotive Finco Corp announces dividend increase and $40 mln financing

1 Min Read

May 29 (Reuters) - Automotive Finco Corp :

* Automotive Finco Corp. Announces significant transaction, dividend increase and $40 million financing

* Increase in its annual dividend to $0.205 per common share payable monthly

* Increase in its annual dividend represents an increase of approximately 22% above its current dividend per share

* Through unit intends to provide new debt financing to three affiliates of AA Finance Co LP in aggregate amount of $43 million

* Investments to each have 25-year term, bear interest at 10.5%, and provide partnership with annual interest revenue of $4.5 million

* In order to finance investments has entered into an agreement with a syndicate of underwriters

* Underwriters agreed to purchase, on a bought deal basis, 3.7 million common shares at $2.70 per share Source text for Eikon: Further company coverage:

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