ContiMortgage Prices $800 Million Home Equity Loan ABS.NEW YORK--(BUSINESS WIRE)--June 10, 1999-- ContiMortgage Corporation, a subsidiary of 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) ), has priced an $800 million home equity loan asset backed security issue. This issue, ContiMortgage Home Equity Loan Trust 1999-3, is structured using a combination of a subordinated class and a 100% surety wrap credit enhancement Credit Enhancement A method whereby a company attempts to improve its debt or credit worthiness. Notes: Credit enhancements take many different forms. An example of a credit enhancement would be conversion rights added on to a debt instrument in order to lower the issuing . The bonds to be issued by the Trust will include ten tranches as follows: -0-
Amount
Class ($ Millions) Coupon S&P/Moody's
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A-1 $ 209.100 6.42% AAA/Aaa
A-2 $ 126.300 6.77% AAA/Aaa
A-3 $ 72.700 6.93% AAA/Aaa
A-4 $ 41.500 7.12% AAA/Aaa
A-5 $ 40.900 7.36% AAA/Aaa
A-6 $ 72.700 7.68% AAA/Aaa
A-7 $ 44.800 7.28% AAA/Aaa
A-8 $ 152.000 L+28 AAA/Aaa
A-9 IO -0- N.A. AAA/Aaa
B $ 40.000 7.00% BBB-/Baa3
-0- All AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. tranches were priced at or near par. The Class B was priced at a discount. The offering was lead 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. with Bear, Stearns & Co., Inc.; Greenwich Capital Markets, Inc.; Merrill Lynch & Co. Incorporated and Morgan Stanley Dean Witter co-managing the issue. Societe Generale was a member of the selling group Selling Group All financial institutions involved in selling or marketing a new issue of debt or equity but not necessarily participating in the underwriting consortium. Notes: . ContiFinancial Corporation is a diversified financial services 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. and over 3,000 employees nationwide. The Company, through ContiMortgage Corporation and other subsidiaries, is a leading originator, securitizer, servicer and seller of home equity loans made to borrowers whose needs may not be met by traditional financial institutions. In addition, through Keystone Mortgage Partners LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , the Company arranges financing for a wide range of commercial real estate. Through ContiTrade Services L.L.C., the Company also provides financing and securitization services and, through ContiFinancial Services Corporation, bond placement services, to subsidiaries and other originators of a broad range of loans including home equity loans; home improvement loans; charged-off consumer debt and franchisee loans. Please visit the Company's Web site at www.contifinancial.com. |
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