FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of a Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month(s) of: April 6, 1999
NEWCOURT CREDIT GROUP INC.
BCE Place, 181 Bay Street
Suite 3500, P.O. Box 827
Toronto, Ontario
Canada, M5J 2T3
[Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.]
Form 20-F / / Form 40-F /X/
[Indicate by check mark whether the registrant by furnishing the
information contained in this Form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.]
Yes / / No /X/
[If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b)]
82-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
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Date: April 6,1999
NEWCOURT CREDIT GROUP INC.
By: John P. Stevenson
Corporate Secretary
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PRESS RELEASE
For immediate release
FODEX LAUNCH
THE SOLIDARITY FUND (QFL), THE NATIONAL BANK AND NEWCOURT CAPITAL TO
INVEST MORE THAN $100 MILLION TO SUPPORT QUEBEC EXPORTS
(Montreal, April 6, 1999) - The Solidarity Fund (QFL), the National
Bank of Canada and Newcourt Capital today launched the Export
Development Fund (FODEX). This fund, with an initial capital of
$112.5 million, is intended to support export projects with major
economic benefits to Quebec. The Solidarity Fund (QFL) is
contributing $90 million, and the National Bank of Canada and
Newcourt Capital are each contributing $11.25 million.
FODEX will be a choice investment partner for companies wishing to
develop foreign markets. It will focus on economic sectors where
Quebec companies and suppliers hold competitive advantages and world
class expertise, such as energy, construction, forestry,
environment, health, agrifood, airports, telecommunications and
transport.
FODEX services will be able to meet all of the financing
requirements of bringing projects to fruition: injecting capital in
businesses; joint participation in international partnerships;
identification of partners for long term debt financing; and
participation in the financing set-up costs. The financing can apply
to the development stage of projects as well as their execution.
Optimal economic benefits for Quebec
FODEX will only consider profitable international projects that have
major economic benefits for Quebec, notably in terms of job creation
and business growth. These benefits will be superior to the amount
invested by FODEX. Ideally, the three partners would expect to see
three dollars in economic benefits to Quebec for each dollar
invested in the projects.
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2
Over the next five years, FODEX plans to invest some $100 million in
about 40 export projects with an average investment of $2.5 million
per project. FODEX will not invest more than $10 million per
project.
According to the Institut de la Statistique du Quebec, one job in
Quebec is created or maintained when between $80,000 and $120,000 of
Quebec goods and services are sold internationally. By this measure,
during the next five years Fodex's investments could maintain or
create up to 3,000 person-years of work in Quebec.
FODEX capitalization could eventually be increased beyond $112.5
million. The National Bank and Newcourt Capital will each maintain a
10% level of investment, up to a maximum of $15 million.
Three major partners join forces
* The Solidarity Fund (QFL), the National Bank and Newcourt Capital.
The Solidarity Fund is a labour sponsored venture capital fund with
380,000 shareholders and assets in excess of $3 billion. Since its
inception in 1983, the Fund has contributed to the creation and
support of more than 66,000 jobs in Quebec.
In recent years, the significant job creation potential of exports
has led the Fund to support Quebec business development in
international markets. These efforts go to the heart of its mission,
which is to stimulate job creation in Quebec. It has specialists in
export marketing and finance already supporting a growing number of
businesses and job creation.
"The export sales of Quebec business already provide work for many
thousands of Quebec workers. With FODEX, our objective is to create
even more jobs through further export development," explained
Raymond Bachand, President and CEO of The Solidarity Fund (QFL).
FODEX completes the set of tools used by The Solidarity Fund (QFL)
to support business development.
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FODEX's business partners will also benefit from the know-how of
Newcourt Capital, a subsidiary of Newcourt Credit Group. This
company, headquartered in Toronto, has an international network that
extends to 26 countries. Newcourt Credit Group is a world leader in
asset finance with $36.2 billion dollars in owned and managed
assets. Newcourt Capital is an international investment banking
company focused on the provision of structured financing and
advisory services for the acquisition of capital assets by corporate
and institutional clients.
"We are delighted to be able to join FODEX. This is an original and
very promising Quebec initiative which fits well with our own
business strategy of providing innovative financing solutions," said
David McKerroll, President of Newcourt Capital. Newcourt Capital may
also be involved in the structuring of loans for each of the
projects.
"The National Bank is proud to bring its renowned business culture
and extensive international experience to the FODEX mission. We will
give entrepreneurs access to all the financial tools they need to
penetrate international markets," said Andre Berard, Chairman and
CEO of the National Bank of Canada.
The National Bank's $11.25 million investment in FODEX is another
illustration of its approach to offering new value-added services to
its customers. In this respect, the Bank has recently created a new
advisory service for small and medium enterprises. In each of
Quebec's regional divisions there will be a Director of Development
for International Services. This person's role will be to advise
companies on how to manage the risks inherent in their commercial
activities and inform them about the different kinds of export
financing available.
"With FODEX, we will have one more arrow in our quiver to help
exporters conquer the markets they wish to enter," said Berard.
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For further information:
Guy Versailles
Vice President - Communications
The Solidarity Fund (QFL)
Tel.: (514) 383-8383
Jocelin Dumas
Director of Communications
National Bank of Canada
Tel.: (514) 394-6990
Carolyn Conner
Director of Communications
Newcourt Capital
Tel.: (416) 594-5239
Interview requests:
Daniele Lapointe
GPC CONCORDIA Communication
Tel.: (514) 282-1100
