FirstCity Financial Corporation Announces Debt Refinancing; Expects to Recognize Related Pre-Tax Gain in Excess of $25 Million

WACO, Texas, Dec 20, 2011 (GlobeNewswire via COMTEX) -- FirstCity Financial Corporation FCFC +5.07% today announced that it has refinanced its existing senior credit facility with Bank of Scotland and BoS(USA) (collectively, "Bank of Scotland"). As a result, FirstCity's debt obligation under its existing credit facility was reduced and divided into two separate loan facilities with Bank of Scotland. In connection with the Company's debt refinancing, FirstCity also closed on a new credit facility with Bank of America. The significant terms and conditions of these amended and new credit facilities are summarized below.

As a result of this debt refinancing, FirstCity expects to recognize a one-time, non-cash gain in excess of $25 million (or $2.43 per share diluted) during the fourth quarter of 2011. This transaction is also expected to increase the Company's stockholders' equity by at least $25 million, net of applicable income taxes, as FirstCity is effectively reducing the carrying amount of debt on its balance sheet.

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House probe claims 4 members received discounted loans

WASHINGTON – Congressional investigators said Monday that four House members received VIP discounted loans from former Countrywide Financial, a lender whose subprime mortgages were at the forefront of the nation's foreclosure crisis.

Rep. Darrell Issa, R-Calif., chairman of the House Oversight and Government Reform Committee, declined to name the four but wrote the House Ethics Committee, requesting that it investigate the lawmakers.

Issa, in a letter dated Friday and released Monday, said there could be additional lawmakers who received discounted loans.

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Ways To Use The Internet To Help Save On Car Financing

So you want to purchase a car. Every year, many consumers sign up for loans to finance their car purchase. A car can be considered as an expensive investment, close to a property. How can you be certain that will see an affordable car loan deal in order to save money? Consider these pointers:

Search on the internet. The internet is a great tool for comparing deals - whether you are in need of a personal unsecured loan, a car loan, or mortgage. You can simply compare auto loan lenders online by visiting a broker’s website or checking out an auto loan company’s website. Most lenders offer free loan quotes in order to have a better idea as to how much car financing can cost you.

Look at the loan provider’s background. Take note that not all lending businesses that offer auto loans are legitimate. In your search, you might actually discover fraudulent lenders that provide attractive car financing especially to people with low credit. If you can’t get approved to get a regular auto loan as a consequence of poor credit, quick car loan advertisements can be enticing.


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