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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 1996
OLYMPIC FINANCIAL LTD.
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(Exact name of registrant as specified in its charter)
Minnesota 0-20526 41-1664848
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(State or other jurisdiction (Commission file number) (IRS employer
of incorporation) identification No.)
7825 Washington Avenue South, Minneapolis, Minnesota 55439-2435
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(Address of principal executive offices)
Registrant's telephone number, including area code: (612) 942-9880
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Not Applicable
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(Former name or former address, if changed since last report)
Page 1 of 4 Pages
Exhibit Index Appears on Page 3
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Item 5. OTHER EVENTS.
Olympic Financial Ltd. (the "Company") announced on October 31, 1996, that
it had called for redemption on December 2, 1996, all of its outstanding 8%
Cumulative Convertible Exchangeable Preferred Stock, subject to the right of the
holders of shares of preferred stock to convert such shares into shares of
Common Stock prior to the close of business on December 2, 1996. The redemption
price for the preferred stock is $26.78 per share plus accrued and unpaid
dividends thereon from October 1, 1996, to December 2, 1996. The total
redemption price is $27.12 per share.
Item 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS.
The following is an Exhibit to this Report:
99.1 Press Release, dated October 31, 1996.
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 hereunto duly authorized.
October 31, 1996 OLYMPIC FINANCIAL LTD.
By: /s/John A. Witham
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John A. Witham
Executive Vice President and
Chief Financial Officer
Page 2 of 4 Pages
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EXHIBIT INDEX
Exhibit No. Description Page
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99.1 Press Release, dated October 31, 1996............... 4
Page 3 of 4 Pages
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[LETTERHEAD]
FOR IMMEDIATE RELEASE CONTACT:
John A. Witham, Chief Financial Officer
(612) 942-9880
OLYMPIC FINANCIAL LTD. TO REDEEM 8% CUMULATIVE
CONVERTIBLE EXCHANGEABLE PREFERRED STOCK
MINNEAPOLIS, MINNESOTA, OCTOBER 31, 1996....Olympic Financial Ltd. (NYSE: OLM)
announced today that it has called for redemption on December 2, 1996, all of
its outstanding 8% Cumulative Convertible Exchangeable Preferred Stock (NASDAQ:
OLYMP).
The redemption price for the preferred stock is $26.78 per share plus accrued
and unpaid dividends thereon from October 1, 1996, to December 2, 1996. The
total redemption price is $27.12 per share.
As an alternative to having their preferred stock redeemed for cash, holders
have the option of converting their preferred stock into common stock of Olympic
at a rate of 4.662 shares of common stock for each share of preferred stock
(equivalent to a price of $5.3625 per share of common stock). On October 30,
1996, the last reported sale price of the common stock on the New York Stock
Exchange was $15.375. The conversion right expires at the close of business on
December 2, 1996.
The number of shares of the preferred stock outstanding at the close of business
on October 30, 1996 was 312,822.
Details regarding the terms and conditions of redemption or conversion of the
preferred stock are fully described in a notice mailed today to holders of the
preferred stock at the close of business on October 30, 1996. Redemption and
conversion transactions will be handled by Norwest Bank Minnesota, N.A.
Olympic Financial Ltd. is a Minneapolis-based consumer finance company which
purchases, sells and services prime retail installment contracts for new and
used automobiles originated by more than 7,000 dealers nationwide. Olympic is
the largest independent provider of automobile financing. The Company, which
was founded in 1990, has Regional Buying Centers in Arizona, Northern and
Southern California, Colorado, Florida, Georgia, Massachusetts, Minnesota,
Missouri, New York, North Carolina, Ohio, Tennessee, North, South and West Texas
and Washington. The Company acquires loans through 17 Regional Buying Centers
and has expanded its dealer network to include dealers in 38 states.
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