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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 of an additional $30.2 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 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," 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 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. 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 Katz, 860/244-0703

or

Carolyn C. Galiette, 860/244-0705

or

Financing for Science International Inc.

Robert Maxwell, 860/676-1818
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Publication:Business Wire
Date:Apr 1, 1996
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