ContiFinancial Corporation cancels common stock offering due to adverse market conditions.NEW YORK--(BUSINESS WIRE)--April 2, 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 that due to adverse market conditions it has cancelled its primary common stock offering, which was previously announced on February 14, 1997. In addition, Continental Grain Company, the owner of approximately 81% of the common shares of ContiFinancial, has cancelled its intention to enter into a forward purchase contract with the ContiFinancial STRYPES(SM) Trust, also previously announced on February 14, 1997. ContiFinancial 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, 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 home equity loans, adjustable rate mortgages This article is about the US mortgage type. For an international perspective, see Variable rate mortgage. An adjustable rate mortgage (ARM) is a mortgage loan where the interest rate on the note is periodically adjusted based on an index. , sub-prime and non-prime auto loans, home improvement loans, franchisee loans, time-share loans, equipment leases, and multi-family and other commercial real estate mortgage loans. -0- (SM) Service mark of Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. & Co., Inc. CONTACT: Jerome M. Perelson Joseph Kist/Kerry O'Brien Senior Vice President Vice President ContiFinancial Corporation Edelman Financial (212) 207-5402 (212) 704-8239/8292 |
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