ContiFinancial Corporation Launches $275 Million Commercial Paper Program.NEW YORK--(BUSINESS WIRE)--Sept. 9, 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 a $275 million unsecured Letter of Credit and Reimbursement Agreement co-arranged by 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. and Dresdner Kleinwort Benson with participation by a group of thirteen other major U.S. and foreign banks. Dresdner Bank will issue an irrevocable direct-pay letter of credit to provide credit enhancement for commercial paper issued and sold by the Company. Credit Suisse First Boston Corporation will act as placement agent. The commercial paper has been rated A-1+, P-1, and F-1+ by Standard & Poor's Ratings Group, 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 Fitch Investors Service Fitch Investors Service A financial services company best known for the bond ratings it provides investors. , L.P., respectively. The commercial paper proceeds will be used for working capital and liquidity purposes and will be available in addition to the Company's previously arranged $200 million unsecured three-year revolving bank credit facility, and its $2.6 billion of committed warehouse facilities. 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, through ContiTrade Services L.L.C., the Company provides financing and securitization 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: ContiFinancial Corporation Jerome M. Perelson Senior Vice President 212/207-5402 or Edelman Financial 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 212/704-8239 or 212/704-8292 |
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