BVCC Provides Credit Facility to Onyx Acceptance Corporation.SAN MATEO San Mateo (săn mətā`ō), city (1990 pop. 85,486), San Mateo co., W Calif., on San Francisco Bay; inc. 1894. It is a commercial and retail center with some high-technology manufacturing. San Mateo, Spanish for St. , Calif.--(BUSINESS WIRE)--March 27, 1998--Bay View Capital Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on SYMBOL: BVCC BVCC Blackstone Valley Chamber of Commerce (Whitinsville, Massachusetts) BVCC Buena Vista Construction Company ) ("the Company"), a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services holding company for Bay View Bank, Bay View Acceptance Corporation, which includes its subsidiaries Bay View Credit and Ultra Funding, Inc., and Concord Growth Corporation, today announced that it has provided Onyx onyx (ŏn`ĭks), variety of cryptocrystalline quartz, differing from agate only in that the bands of which it is composed are parallel and regular. Acceptance Corporation (NASDAQ SYMBOL: ONYX) ("Onyx") with a $10 million subordinated credit facility at a rate of 9.5% plus 2 points. As part of the transaction, the Company received warrants to purchase up to 3% of Onyx's common stock at a strike price of $8.875 per share. The Company now has ownership rights in excess of 5% of the common stock of Onyx, based upon the combination of warrants received plus previous open market purchases of Onyx's common stock and, accordingly, today filed a Schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. with the Securities and Exchange Commission. On January 26, 1998, the Company announced the formation of a strategic alliance with Onyx whereby the Company would purchase certain retail motor vehicle sales contracts Sales Contract Contract between a seller and buyer for the sale of goods, services, or both. originated by Onyx. Based in Irvine, California Irvine is an incorporated city in Orange County, California, United States. It is a planned city, mainly developed by the Irvine Company since the 1960s. Formally incorporated on December 28 1971, the 69.7 square mile (180.5 km²) city has a population of 202,079 (as of 2007). , Onyx provides financing to new and select used auto dealerships through its offices in 7 states. The credit facility has a term of 2 years with an additional 3-year amortization option. Edward H. Sondker, the Company's President and Chief Executive Officer, said, "We are pleased to provide Onyx with liquidity while enhancing our balance sheet with assets which provide our shareholders with a higher risk-adjusted return Risk-Adjusted Return A measure of how much risk a fund or portfolio takes on to earn its returns, usually expressed as a number or a rating. Notes: This is often represented by the Sharpe Ratio. The more return per unit of risk, the better. . We believe the strategic alliance will enhance both Onyx's and the Company's franchise value over the long term." The credit facility is consistent with the Company's policy of capturing and building value through strategic alliances. David A. Heaberlin, the Company's Executive Vice President and Chief Financial Officer, said, "We continue to find ways to diversify our asset origination capabilities without risking a significant premium or up-front cost. This transaction represents another step in our progress towards building a diversified balance sheet." Forward-Looking Statements When used in this or future press releases, in the Company's filings with the Securities and Exchange Commission or other public or shareholder communications, or in oral statements made with the approval of an authorized executive officer, the words or phrases "may", "estimates", "anticipates", "would like", "will be", "will enable", "will enhance", "should be able", "should allow", "to be able", "to ensure", "we expect", "we believe", or similar expressions are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The Company wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made, and to advise readers that various factors, including but not limited to competitive and regulatory factors, changes in accounting principles, regional and national economic conditions, changes in levels of market interest rates, and changes in the Company's strategic plan could cause actual results to differ materially. The Company does not undertake, and specifically disclaims any obligations, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements. CONTACT: Bay View Capital Corporation David A. Heaberlin, 650/312-7272 Web Site: http://www.bvcc.com or Onyx Acceptance Corporation John W. Hall, 714/450-5503 |
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