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Textron Financial Corporation Completes Cash Tender Offer

28 October 1999

Textron Financial Corporation Completes Cash Tender Offer; Acquires 94% of Litchfield Financial Corporation

    PROVIDENCE, R.I. and WILLIAMSTOWN, Mass.--Oct. 28, 1999--Textron Financial Corporation today announced that its cash tender offer for all outstanding shares of Common Stock of Litchfield Financial Corporation expired, as scheduled, at 12:00 midnight Eastern Standard Time on Wednesday, October 27, 1999.
    Textron Financial, through Lighthouse Acquisition Corp., its wholly-owned subsidiary making the offer, has accepted for purchase all shares validly tendered and not withdrawn prior to the expiration of the offer. Based on information provided by EquiServe Limited Partnership, as depositary, as of the close of business on October 27, 1999, approximately 94% of the shares have been validly tendered.
    Lighthouse Acquisition Corp. will be merged with and into Litchfield, and any Litchfield share not previously purchased in the tender offer will be converted into the right to receive $24.50 in cash, net to the seller, without interest. The completion of the merger is expected to occur by November 5, 1999.
    With over $550 million in managed finance receivables, Litchfield is a commercial finance company specializing in receivables-based finance agreements for the vacation ownership (timeshare) industry and other commercial finance niches. Litchfield has offices in Williamstown, Massachusetts; Atlanta, Georgia; Denver, Colorado; and Scottsdale, Arizona.
    With over $5 billion in managed receivables and a twenty-year history of record earnings, Textron Financial Corporation is a diversified commercial finance company with three groups of products and services: term financing for Aircraft, Equipment and Golf (including the financing of Textron products); revolving credit arrangements; and specialty finance. Other services include syndications, asset management, portfolio servicing and insurance brokerage. Additional information is available at www.tfc.textron.com.

    Textron Financial Corporation is a subsidiary of Textron Inc. , an $11.5 billion, global, multi-industry company with market-leading businesses in Aircraft, Automotive, Industrial and Finance. Textron has a workforce of over 65,000 employees and major manufacturing facilities in 27 countries. Textron is among Fortune magazine's "Global Most Admired Companies." Additional information is available at www.textron.com.