Independence CDO I, Ltd. Rated `AAA'/`AA-'/`BBB' By Fitch.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 3, 2001 Independence CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the I, Ltd. and its co-issuer Independence CDO I, Inc.'s (collectively referred to as the co-issuers) $223.5 million class A first priority senior secured floating-rate notes are rated `AAA' by Fitch. Additionally, the $50 million class B second priority senior secured floating-rate notes are rated `AA-' and the $15 million class C mezzanine secured floating-rate notes are rated `BBB' by Fitch. The ratings on the class A notes and class B notes address the timely payment of interest and ultimate payment of principal, whereas the ratings on the class C notes address the ultimate payment of interest and principal. The ratings are based upon the capital structure of the transaction, the quality of the collateral, the overcollateralization and interest coverage tests provided for within the indenture, and the experience and capabilities of Independence Fixed Income Associates, Inc. (IFIA IFIA International Federation of Inspection Agencies IFIA International Federation of Inventors' Associations IFIA Intermountain Forest Industry Association (now Intermountain Forest Association) ) as the investment manager. The proceeds of the notes will be used to purchase a diversified investment portfolio, consisting of asset- backed, residential mortgage-backed and commercial mortgage-backed securities Commercial mortgage-backed securities (CMBS) are a type of bond commonly issued in American security markets. They are a type of Mortgage-backed security which are backed by mortgages on commercial rather than residential real estate. . There will be a three-year reinvestment Reinvestment Using dividends, interest and capital gains earned in an investment or mutual fund to purchase additional shares or units, rather than receiving the distributions in cash. 1. In terms of stocks, it is the reinvestment of dividends to purchase additional shares. period, which starts from the closing date of the transaction. The class A notes have a legal final maturity of December 2030. The class B and class C notes have legal final maturities of December 2035. Upon completion of the reinvestment period or the breach of a coverage test as outlined in the indenture, the notes will start the process of paying down principal sequentially beginning with class A principal. The investment manager, IFIA, will purchase and sell all investments for the portfolio on behalf of the co-issuers, which are special purpose companies incorporated under the laws of the Cayman Islands Cayman Islands (kā`mən), British dependency (2005 est. pop. 44,300), 100 sq mi (259 sq km), comprising three islands in the West Indies. and Delaware, respectively. IFIA will manage the portfolio in accordance with specific investment restrictions as outlined in the indenture. IFIA is a direct subsidiary of Independence Investment Associates, Inc. and an affiliate of Independence International Associates, Inc. (collectively the `Independence Companies'). The Independence Companies are indirect, wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of John Hancock Life Insurance Company, which in turn is wholly owned by John Hancock Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., a public company. As of Sept. 30, 2000, the Independence Companies had assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. of $28.6 billion, and fixed income assets of $4.2 billion. |
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