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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C, 20549
____________________
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): February 9, 1995
_______________________________________________________________________________
THE FINOVA GROUP INC.
(Exact name of registrant as specified in its charter)
DELAWARE 1-11011 86-0695381
_______________________________________________________________________________
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
1850 NORTH CENTRAL AVENUE, PHOENIX, ARIZONA 85004
_______________________________________________________________________________
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 602/207-6900
____________________________
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Item 5. Other Events.
The FINOVA Group Inc. (formerly known as GFC Financial Corporation)
today announced that it has reached a definitive agreement to acquire
a substantial portion of the rediscount portfolio of the Lender
Finance Division of Transamerica Business Credit Corporation, a wholly
owned subsidiary of Transamerica Corporation. The rediscount
portfolio is comprised of secured revolving credit facilities to
independent consumer finance companies. The loans being purchased
amounted to approximately $125 million at year end 1994.
Item 7. Financial Statements and Exhibits.
(c) Exhibits:
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Exhibits Title
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28 Press Release of The FINOVA Group Inc.
dated February 9, 1995
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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.
THE FINOVA GROUP INC.
(Registrant)
Dated: February 9, 1995 By /s/ Bruno A. Marszowski
_____________________________________________
Bruno A. Marszowski, Senior Vice President,
Chief Financial Officer and Controller
Principal Financial Officer/Authorized Officer
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EXHIBIT 28
Robert E. Radway 2/9/95 8:00 a.m. EST
Senior Vice President
Corporate Development
602/207-5794
THE FINOVA GROUP INC. TO ACQUIRE TRANSAMERICA
REDISCOUNT FINANCE PORTFOLIO
PHOENIX, ARIZONA, FEBRUARY 9, 1995 -- The FINOVA Group Inc.
(NYSE:FNV), formerly GFC Financial Corporation (NYSE:GFC), today announced that
it has reached a definitive agreement to acquire a substantial portion of the
rediscount portfolio of the Lender Finance Division of Transamerica Business
Credit Corporation, a wholly owned subsidiary of Transamerica Corporation. The
rediscount portfolio is comprised of secured revolving credit facilities to
independent consumer finance companies. The loans being purchased amounted to
approximately $125 million at year-end 1994.
Sam Eichenfield, Chairman and CEO of The FINOVA Group said, "We are
pleased to be able to consolidate our position as one of the leading lenders to
the independent consumer finance industry. This acquisition allows us to
increase the critical mass of our rediscount finance activity and continues
FINOVA's expansion in this niche market." FINOVA Rediscount Finance, based in
Dallas, Texas, was formed in August of 1993 and, with the acquisition of
Transamerica's rediscount portfolio, will have a total loan portfolio in excess
of $250 million. Eichenfield added that "The acquisition exemplifies FINOVA's
strategy of making acquisitions to further enhance its market position and to
build additional critical mass in our commercial finance market segments."
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The all-cash transaction is subject to the satisfaction of certain
closing conditions.
The FINOVA Group, which until February 1, 1995 was known as GFC
Financial Corporation, is a Phoenix-based major domestic commercial finance
company (spun off from The Dial Corp in March, 1992) providing secured
financing and leasing products to small and medium sized businesses from
$500,000 to $35 million. FINOVA also offers inventory and sales financing
programs to manufacturers, distributors and dealers nationwide. As of December
31, 1994 FINOVA had total assets in excess of $5.8 billion compared with $2.8
billion as of December 31, 1993.
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