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Financing for Science International, Inc. completes fifth takedown under its innovative asset securitization program.

HARTFORD, Conn.--(BUSINESS WIRE)--July 1, 1996--Ironwood Capital Partners, Ltd. today announced the closing on June 27 of the fifth takedown of an additional $24 million under the innovative asset-backed private placement program it arranged for Financing for Science International, Inc. ("FSI") of Farmington, Conn.

FSI's equipment lease securitization program, which Ironwood Capital structured an initially placed in March 1995, involves the precommitment by institutional investors to fund up to approximately $168 million of notes.

The transaction involved the securitization of equipment leases sold by FSI to a special purpose corporation, FSI Funding Corp. II, which issued senior notes and subordinated notes to five institutional investors. The trustee is Manufacturers & Traders Trust Company of Buffalo, NY. The senior notes are rated "AA+" and the subordinated notes are rated "BBB," both by Duff & Phelps.

-- The securitization pool in the fifth issuance of notes under the program consists of 102 equipment leases with an average equipment acquisition cost of approximately $235,000.

-- The pool has an expected average life of 2.1 years and an expected final maturity of 5.7 years.

Financing for Science International, Inc., the shares and warrants of which trade publicly on the Nasdaq-National Market System under the symbols FFSI and FFSIW respectively, leases essential equipment to customers in its specialized markets which include technology-based corporations, research facilities, and health care providers throughout the United States. At March 31, 1996, FSI's portfolio of active leases was approximately $260 million as measured by equipment acquisition cost.

Ironwood Capital Partners Ltd. is an investment banking firm which specializes in the structuring and placement of corporate debt securities. With a particular expertise in asset securitization, Ironwood Capital has successfully completed over $3 billion in private placements.

CONTACT: Ironwood Capital Partners Ltd.

David Evans Katz, 860-244-0703
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Jul 1, 1996
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