ContiFinancial Corporation Files $600 Million Universal Shelf Registration Statement.NEW YORK--(BUSINESS WIRE)--Nov. 13, 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) ) announced today the filing under the Securities Act of 1933 of a "universal" shelf registration statement under which ContiFinancial may sell, from time to time, up to $600 million in aggregate purchase price of any combination of senior and subordinated debt Subordinated Debt A loan (or security) that ranks below other loans (or securities) with regard to claims on assets or earnings. Also known as "junior security" or "subordinated loan". securities, as well as common and preferred equity. Unless otherwise indicated in a prospectus supplement, the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the sale of the offered securities would be used for general corporate purposes. The registration statement has been filed with the Securities and Exchange Commission but has not yet become effective. Securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. 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, securitizer, and servicer of home equity loans made to borrowers whose needs may not be met by traditional financial institutions. In addition, through ContiTrade Services L.L.C., the Company provides financing and 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. services and, through ContiFinancial Services Corporation, bond placement services, to originators of a broad range of loans, leases and receivables, including loans for a variety of commercial real estate property types; home equity loans; home improvement loans; prime, sub-prime and non-prime auto loans; franchisee loans; time-share loans and equipment leases. CONTACT: Jerome M. Perelson Senior Vice President ContiFinancial Corporation 212-207-5402 or 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 Edelman Financial 212-704-8239 or 212-704-8292 |
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