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 Takedown1. The price at which underwriters obtain securities to be offered to the public. 2. The portion of securities that each investment banker will distribute in a secondary or initial pubic offering. Notes: 1. of an additional $24 million under the innovative asset-backed private placement program it arranged for Financing for Science International, Inc. ("FSI FSI Foreign Service Institute FSI Fluid Structure Interaction FSI Fuel Stratified Injection FSI Federazione Scacchistica Italiana (Italian Chess Federation) FSI Free Standing Insert FSI Flight Simulator ") of Farmington, Conn. FSI's equipment lease 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. program, which Ironwood ironwood: see hornbeam. ironwood Any of numerous trees and shrubs, found worldwide, that have exceptionally tough or hard wood useful for timber, fence posts, and tool handles. 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 BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. ," 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 FFSI Fellow, Financial Services Institute (industry accreditation) FFSI Federation of Film Societies of India 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 United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . 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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