Case Capital Announces Pricing of ABS Transaction.RACINE, Wis.--(BUSINESS WIRE)--March 10, 1999--Case Capital Corporation, the financial services arm of Case Corporation (NYSE NYSE See: New York Stock Exchange :CSE (Certified Systems Engineer) See Microsoft certification. ), today announced the pricing of a $759.5 million asset-backed securitization by a subsidiary of Case Credit Corporation, Case Receivables II Inc. The securities are backed primarily by U.S. agricultural, construction and forestry equipment retail receivables contracts and finance leases originated through Case and Soris Financial dealerships. This transaction is Case Credit Corporation's third securitization involving finance leases. The issue includes five classes of public notes: $75.5 million of 4.950% Class A-1 notes; $294.0 million of 5.285% Class A-2 notes; $137.0 million of 5.600% Class A-3 notes; $222.0 million of 5.770% Class A-4 notes; and $31.0 million of 5.960% Class B notes. The Class A and Class B notes are ERISA-eligible investments. A condition of closing is that the Class A-1 notes are rated "P-1/A-1+", Class A-2, Class A-3 and Class A-4 notes are rated "Aaa/AAA", and Class B notes are rated "A3/A" by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and Standard and Poor's Noun 1. Standard and Poor's - a broadly based stock market index Standard and Poor's Index . The notes are expected to be rated prior to the closing of the offering, which is tentatively scheduled for March 22, 1999. Past Case Credit ABS offerings in the United States have received similar ratings. Lead underwriter Lead underwriter The head of a syndicate of financial firms that are sponsoring an initial public offering of securities or a secondary offering of securities. Could also apply to bond issues. for the notes is Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. . Co-managers for the A notes are Chase Securities Inc., First Chicago Capital Markets, Inc., Merrill Lynch & Co., NationsBanc Montgomery Securities LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control and Salomon Smith Barney. Co-managers for the B notes are Credit Suisse First Boston and Merrill Lynch & Co. Case Credit's use of securitization is consistent with its continuing strategy to leverage its financing options and to broaden its access to traditional capital markets at the lowest effective rates. Case Credit will apply the proceeds from this securitization to repay outstanding debt and to fund its growing portfolio of receivables. Case Capital Corporation, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Case Corporation, provides broad-based financial services for the global marketplace. Case Capital serves customers purchasing, leasing and insuring products through Case Credit Corporation and Soris Financial. Established in 1957, Case Credit markets its products through Case Corporation's established dealer networks in North America, Australia and Europe. Soris, introduced in 1998, offers products through diverse dealer networks located in North America. Based in Lincolnshire, Illinois, Case Capital manages a $6.8 billion portfolio of receivables and leases. A copy of the prospectus relating to the notes may be obtained from Credit Suisse First Boston, Eleven Madison Avenue, New York, NY 10010. Visit Case Credit on the World Wide Web at http://www.casecredit.com |
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