Daimler-Benz Launches Asset Securitization Certificates.NEW YORK--(BUSINESS WIRE)--Oct. 8, 1997--Daimler-Benz North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Corp. (DBNA DBNA Du Bist Nicht Allein (German) DBNA Digitale Bibliografie Nederlandse Archeologie (Dutch) ) a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Daimler-Benz AG today launched its fifth asset 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. transaction in the United States. It is based on automobile loans originated and serviced by the group's financial services company, Mercedes-Benz Credit Corp. (MBCC MBCC Montana Board of Crime Control MBCC Massachusetts Breast Cancer Coalition MBCC Migratory Bird Conservation Commission MBCC Massachusetts Bay Community College MBCC Mercedes Benz Credit Corporation MBCC Mission Bay Community Church ). Mercedes-Benz Credit Corp. provides financing and leasing services for both dealers and customers of products manufactured and distributed by the Daimler-Benz Group in North America. MBCC is a member of Daimler-Benz InterServices (debis) AG and is a wholly owned subsidiary of DBNA. The issue will offer securities to institutional investors, as follows: -0- Seller: Daimler-Benz Vehicle Receivables Corp. Servicer: Mercedes-Benz Credit Corp. Trust: Daimler-Benz Auto Grantor Trust 1997-A Moody's rating: Aaa S&P's rating: AAA Amount: $657,019,404.00 Coupon: 6.05 percent Issue price: 99.942023 percent Yield: 6.12 percent Average life: 1.46 years Settlement: Oct. 16, 1997 Terms are disclosed in an offering document currently being distributed. DBNA successfully introduced its first ABS transaction based on automobile loans originated and serviced by MBCC in October, 1993 and since then has launched three further ABS transactions prior to this current issue. J.P. Morgan is advising Daimler-Benz on the program and is lead manager for the securities offering. Daimler-Benz is the world's most comprehensive provider of technologically advanced transportation products, systems and services, and has 290,000 employees and revenues of approximately $70 billion. Daimler-Benz is focused on the development and manufacture of Mercedes-Benz cars and commercial vehicles, Freightliner trucks as well as Adtranz rail systems, MTU (1) (Maximum Transmission Unit, Maximum Transfer Unit) The largest frame size that can be transmitted over the network. For example, an Ethernet MTU is 1,500 bytes. Messages longer than the MTU must be divided into smaller frames. diesel engines and TEMIC TEMIC Telecommunications Executive Management Institute of Canada microelectronics. Daimler-Benz Aerospace builds aircraft and space systems and Daimler-Benz InterServices provides leasing and sales financing, mobile communications and information technologies. North America, where Daimler-Benz employs more than 19,000 people, is the largest regional market outside of Europe and accounts for approximately 20 percent of worldwide revenues. In 1993, Daimler-Benz became the first German company to list its stock on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (symbol: DAI). CONTACT: Daimler-Benz North America Corp. Bernhard Harling, 212/909-9717 212/308-4252 (fax) bernhard_harling@daimlerbenz-na.com or J.P. Morgan Joseph Evangelisti, 212/648-9589 212/648-5209 (fax) evangelisti_joe@jpmorgan.com |
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