Cityscape completes $189 million in UK public securitization and $100 million Senior Secured Notes Financing.ELMSFORD, N.Y.--(BUSINESS WIRE)--Nov. 1, 1996--Cityscape Financial Corp. (Nasdaq:CTYS CTYS Chat to You Soon ) today announced that its wholly-owned UK subsidiary, City Mortgage Corporation Limited (CMC (Common Messaging Calls) A programming interface specified by the XAPIA as the standard messaging API for X.400 and other messaging systems. CMC is intended to provide a common API for applications that want to become mail enabled. 1. ), has completed the securitization of 116.3 million pounds sterling in mortgage-backed, floating rate notes. The entire issue was sold in the UK and, based on current exchange rates, has a value of approximately US$189.2 million. The 96.5 million pounds sterling in senior (Class A) notes were rated AA and the 19.8 million pounds sterling in subordinate (Class B) notes were rated BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. by Standard & Poor's Ratings Services, Duff & Phelps Credit Rating Co. and Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. , L.P., and are listed on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. . The notes are backed by a pool of loans secured primarily by single family residences and small mixed-use properties. All of the UK loans will continue to be serviced by CMC. The transaction was arranged by Greenwich Capital Markets, Inc. "We are very pleased with the completion of our third UK securitization, and largest to date. The success of this transaction is indicative of our growing production capabilities as well as the increasing acceptance of our products in the UK," said Robert Grosser, Cityscape's President and Chief Executive Officer. Cityscape (company) CityScape - A re-seller of Internet connections to the PIPEX backbone. E-Mail: <sales@cityscape.co.uk>. Address: CityScape Internet Services, 59 Wycliffe Rd., Cambridge, CB1 3JE, England. Telephone: +44 (1223) 566 950. also announced today that it has issued $100 million of Senior Secured Notes through CIBC Wood Gundy CIBC Wood Gundy was created in 1988 with the purchase of Wood Gundy Inc. by CIBC. CIBC Wood Gundy is a division of CIBC World Markets. Canadian Imperial Bank of Commerce Chief Executive Officer: Gerald T. McCaughey | FY 2006 Statistics: Net income: $2. Securities Corp. The Senior Secured Notes have a two-year term, maturing on October 31, 1998, and carry an initial interest rate of 11%. Cityscape intends to use the proceeds to repay certain existing indebtedness, fund loan originations and for general corporate purposes. Mr. Grosser stated, "This new notes offering will help to support Cityscape's continued profitable growth, while strengthening and diversifying our funding base." Cityscape Financial Corp. is a consumer finance company which, through its wholly-owned subsidiaries, Cityscape Corp. and City Mortgage Corporation Limited, is engaged in the business of originating, purchasing, selling and servicing home equity mortgage loans, secured primarily by one-to-four-family residences, in the United States and the United Kingdom. Cityscape was founded in 1985 and is headquartered in Elmsford, New York Elmsford is a village in Westchester County, New York, United States. The population was 4,676 at the 2000 census. As a village, it is located in the Town of Greenburgh. The village is named after a large elm tree that once grew in the community. , with regional processing offices in California, Georgia, Illinois and Virginia. CONTACT: Cityscape Financial Corp. Robert C. Patent, Tim S. Ledwick, 914/592-6677 or Morgen-Walke Associates Michele Katz / Jason Langer Press: Stan Froelich / Elisabeth Philippe/Nancy Gallinghouse 212/850-5600 |
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