FITCH IBCA Rates Epic Receivables 1999, LLC, $95 Mil Notes.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 27, 1999 Fitch IBCA IBCA International Braille Chess Association IBCA Institute of Burial and Cremation Administration IBCA Integrated Business Communications Alliance IBCA International Barbeque Cookers Association IBCA Department of Interior Board of Contract Appeals , Inc. rates the Epic Receivables 1999, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control $69,872,000 class A notes 'A', the $18,073,000 class B notes 'BBB', and the $7,055,000 class C notes 'B-'. The notes were privately placed by Prudential Securities pursuant to Rule 144A Rule 144A A Securities & Exchange Commission rule modifying a two-year holding period requirement on privately placed securities to permit qualified institutional buyers to trade these positions among themselves. . The 'A' rating on the class A notes reflects the 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 provided by the subordination of the class B notes, 19.02%, the class C notes, 7.43%, the reserve account (initially 1.00%) and excess spread. The 'BBB' rating on the class B notes is supported by the credit enhancement provided by the subordination of the class C notes, the reserve account, the class B special reserve account and excess spread. The 'B-' rating on the class C notes is supported by the guarantee provided by Epic Resorts, LLC as well as the class C liquidity reserve account. The ratings are based on the quality of the trust assets, available credit enhancement, cash flows and the integrity of the legal structure. Additionally, the ratings also reflect the quality of the resorts and the servicing capabilities of both Epic Resorts, as Administrator and Finova Portfolio Services, Inc., as Servicer. The pool consists of 10,873 mortgage loans and loan contracts, representing both deeded fee simple and right to use ownership interests. As of the cut-off date, the aggregate collateral value of the pool was $78 million with an average receivable balance of $7,175. The weighted average coupon Weighted average Coupon The weighted average of the gross interest rates of mortgages underlying a pool as of the pool issue date; the balance of each mortgage is used as the weighting factor. was 14.69%. The weighted average remaining term was 79 months with average seasoning of 12.5 months. None of the receivables were more than 60 days past due and less than 2.5% were between 30 and 59 days past due. The prefunding account, which will be available to purchase subsequent assets, totaled $15.7 million at closing. The issuer is a Delaware special purpose, limited liability company held by Epic Master Funding, which in turn is wholly owned by Epic Resorts, LLC. Epic Resorts LLC markets, sells and finances vacation ownership interests and develops timeshare resorts. The company has been selling timeshare intervals since 1991 and has over 18,000 owners at 6 resorts, all of which are rated Five Star by Interval International Interval International is an affiliated exchange company that arranges vacation exchanges for timeshare owners. Their exchange network includes more than 2,200 resorts and nearly 2 million member families worldwide. Similar to RCI, Interval International, I.I. . Epic Resorts, LLC formed Epic Vacation Club in 1998 as a Delaware nonprofit, non-stock corporation A non-stock corporation is a corporation that does not have owners represented by shares of stock. That type of corporation is called a stock corporation. Instead, a non-stock corporation typically has members, who are the functional equivalent of stockholders in a stock to own and maintain resort properties for vacation use by the owners of the credits. Epic Vacation Club has properties located in Florida, Arizona, California, Nevada and South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. . |
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