ContiMortgage prices $550 million of home equity loan ABS.NEW YORK--(BUSINESS WIRE)--July 31, 1996--ContiMortgage Corporation, a unit 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 a $550 million Asset Backed Security issue, backed by home equity loans. The bonds were issued through ContiMortgage Home Equity Loan Trust 1996-3 and included eight tranches. The first seven tranches (Class A-1 to A-7) pay interest at a fixed rate, yielding from 6.58% to 8.14%, and the last tranche (A8) pays a floating rate of interest, based on LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 32 basis points. All classes of certificates were rated 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. by Moody's and S&P based on a 100% insurance guarantee provided by MBIA MBIA Montana Building Industry Association MBIA Municipal Bond Insurance Association MBIA Michigan Boating Industries Association MBIA Municipal Bond Investors Assurance MBIA Massachusetts Brain Injury Association MBIA Maryland Business Incubation Association Insurance Corporation. The offering was led by Merrill Lynch & Co., with CS First Boston, Greenwich Capital Markets, Inc., Bear Stearns and ContiFinancial Services Corporation co-managing the issue. 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 is a major originator and servicer of home equity loans in the U.S. In addition, it provides financing, securitization, and bond placement services to originators of a broad range of loans, leases and receivables, including adjustable rate mortgages, sub-prime auto loans, home improvement loans, equipment leases and multifamily and other commercial mortgage loans. CONTACT: John Banu Managing Director ContiFinancial Services Corporation (212) 207-2840 or Joseph Kist/Alexandra Magnuson Edelman Financial (212) 704-8239 or (212) 704-8172 |
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