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: June 17, 1999
NEWCOURT CREDIT GROUP INC.
Newcourt Centre, 207 Queens Quay West
Suite 700
Toronto, Ontario
Canada, M5J 1A7
[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.
Date: June 17, 1999
NEWCOURT CREDIT GROUP INC.
By: John P. Stevenson
Corporate Secretary
THE ASSOCIATES
News Release
For Immediate Release
THE ASSOCIATES ACQUIRES CANADIAN AND U.K.
FLEET LEASING OPERATIONS
FROM NEWCOURT CREDIT GROUP INC.
TORONTO & DALLAS, June 17, 1999 - Newcourt Credit Group (NCT:
TSE;MSE;NYSE) and Associates First Capital Corporation (NYSE: AFS) today
announced an agreement to sell Newcourt's automotive fleet management
businesses to The Associates. Terms were not disclosed. This transaction
includes Newcourt Fleet Services, which operates in Canada, and Newcourt
Automotive Services Limited, which operates in the United Kingdom. Both
transactions are expected to close in the next two weeks, after all
approvals are obtained.
"As we stated in our 1998 Annual Report, Newcourt is reviewing all of its
businesses to ensure they meet with our long-term objectives of being one
of the top three global competitors in the businesses with which we
operate," stated Paul Currie, Executive Vice President, Newcourt Credit
Group. "The sale of Newcourt's fleet management business to The
Associates will remove Newcourt from this business and allow Newcourt to
focus on its core corporate and commercial financing business."
"The acquisition of Newcourt's automotive fleet management business will
make The Associates one of the top three fleet management operations in
Canada and give us an important presence in the UK," said John Kines,
President, Diversified Services, Associates First Capital Corporation.
"The Associates is a leader in the fleet management business in North
America, with more than 205,000 vehicles under management. Our expansion
in Canada and the United Kingdom lets us combine our recognized expertise
with local knowledge and dedicated customer service."
The total assets being acquired by The Associates with these transactions
are approximately US$400 million.
Newcourt Fleet Services (formerly BML Leasing) is one of the top three
fleet leasing companies in Canada, managing a fleet of more than 30,000
vehicles. Newcourt Automotive Services Limited is a contract hire (fleet
management) company with more than 11,000 vehicles in the UK.
Associates Fleet Services currently manages more than 17,000 vehicles in
Canada. It entered the Canadian market place in 1997 with the acquisition
of AT&T Capital Fleet.
Associates First Capital Corporation, established in 1918, is a leading
diversified finance company providing consumer and commercial finance,
leasing, insurance and related services worldwide. The Associates has
operations in the United States and 15 international markets.
Headquartered in Dallas, it is one of the United States 100 largest
companies, based on total market capitalization.
Newcourt Credit Group is one of the world's leading sources of asset-based
financing serving the corporate, commercial and institutional markets with
owned and managed assets of US$25.1 billion (Cdn$38.0 billion) and a
global capability in 26 countries.
This news release may contain certain forward-looking statements. The
factors, which may cause future results to differ materially from
expectations, are discussed in the Form 10-K for the year ended Dec. 31,
1998, filed with the Securities and Exchange Commission.
- - 30 -
Contacts:
The Associates Newcourt
Media: U.S. (972) 652-7569 Media: (416) 507-5437
David Sandor Rick Perkins
Canada (519) 660-2618
Diane Wolfenden
U.K 0-11-44-118-958-6123
Mike Hall
Security Analysts:(972) 652-7294
[email protected]
Shareholders: 1-888-NYSE-AFS
