CONTIFINANCIAL CORPORATION ANNOUNCES SALE OF $45.9 MILLION OF NON-PRIME AUTO LOAN BACKED CERTIFICATES.NEW YORK--(BUSINESS WIRE)--July 8, 1997--ContiFinancial Corporation (NYSE NYSE See: New York Stock Exchange :CFN CFN Center for Functional Nanomaterials CFN Companhia Ferroviaria do Nordeste (Brazil) CFN Commercial Fueling Network CFN Conselho Federal de Nutricionistas (Brazil) ) today announced the closing of the sale of $45.9 million of certificates issued by the Triad Auto Receivables Trust 1997-2. The transaction was structured as a senior/subordinate issue consisting of three classes of fixed rate pass-through certificates entitled 7.18% Asset Backed Certificates (Class A) with an initial aggregate principal balance of approximately $42.1 million, 8.70% Asset Backed Certificates (Class B) with an initial aggregate principal balance of approximately $3.8 million, and 9.02% Asset Backed Certificates (Class C) with an initial aggregate principal balance of approximately $0.9 million. The Class A and Class B Certificates were placed privately under Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. by a wholly-owned subsidiary of ContiFinancial Corporation. The originator of the underlying auto loans, and the servicer, is Triad Financial Corporation, a majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. of ContiFinancial. The Certificates have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. ContiFinancial Corporation is a consumer and commercial finance company with headquarters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . The Company, through ContiMortgage Corporation and other subsidiaries, is a leading originator, purchaser, seller and servicer of home equity loans made to borrowers whose borrowing needs may not be met by traditional financial institutions. In addition, ContiFinancial provides financing, securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. and, through ContiFinancial Services Corporation, bond placement services to originators of a broad range of loans, leases and receivables, including multi-family and other commercial real estate mortgage loans; home equity loans; adjustable rate mortgages; prime, non-prime and sub-prime auto loans; home improvement loans; franchisee loans; time share loans and equipment leases. CONTACT: Jerome M. Perelson Joseph Kist kist n. Variant of cist2. kist Noun Scot & S African a large wooden chest Kist a chest of money, hence, a store or cache of money, 1619. or Kerry O'Brien Senior Vice President Edelman Financial ContiFinancial Corporation 212/704-8239 or 212/704-8292 212/207-5402 |
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