Financing for Science International completes fourth takedown under its innovative asset securitization program.
HARTFORD, Conn.--(BUSINESS WIRE)--April 1, 1996--Ironwood Capital Partners Ltd. today announced the closing on March 28 of the fourth takedown Takedown
1. 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.
1. of an additional $30.2 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.
Mortgage backed securities are a perfect example of securitization.
May also be spelled as "securitisation. program, which Ironwood ironwood: see hornbeam.
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 and initially placed in March 1995, involves the pre-commitment by institutional investors to fund up to approximately $168 million of notes. Previous commitments from investors in the program totaled $103 million, all of which was issued in 1995. As of this issuance of notes, the investors have increased their commitment to $168 million. This takedown of $30.2 million is expected to be followed by another approximately $34.8 issuance later this year.
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 investor. The trustee is Manufacturers & Traders Trust Company of Buffalo, N.Y. 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.
o The securitization pool in the fourth issuance of notes under
the program consists of 99 equipment leases with an average
equipment acquisition cost of approximately $294,000.
o The pool has an expected average life of 2 years and an
expected financial maturity of five 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 healthcare 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 Dec. 31, 1995, FSI's portfolio of active leases was over $260 million as measured by equipment acquisition costs.
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 David Evans may mean:
Carolyn C. Galiette, 860/244-0705
Financing for Science International Inc.
Robert Maxwell, 860/676-1818