NovaStar Announces Completion of 2005-N1 NIMs Transaction.KANSAS CITY, Mo. -- NovaStar Financial, Inc. (NYSE NYSE See: New York Stock Exchange : NFI NFI Nasjonal Forskningsinformasjon (Norwegian Research Database) NFI National Fisheries Institute NFI National Fatherhood Initiative NFI National Forest Inventory (Australia) NFI Nutrition Foundation of India ), a residential mortgage lender and portfolio investor, announced the closing of 2005-N1. Lead managers RBS RBS Royal Bank of Scotland RBS Role Based Security RBS Rollback Segment RBS Rare Book School (University of Virginia) RBS Rural Business Cooperative Service RBS Ribosome Binding Site (genetics) Greenwich Capital, Wachovia Securities and Deutsche Bank Securities with co-manager Morgan Stanley, underwrote NovaStar NIM nim 1 tr. & intr.v. nimmed, nim·ming, nims Archaic To steal; pilfer. [Middle English nimen, to take, from Old English niman; see Trust, Series 2005-N1, which closed June 22, 2005. The transaction offered one class of certificates rated A by S&P and A- by Fitch, with a face value of $130,875,000. About 2005-N1 2005-N1 bonds are collateralized, self-amortizing debt, issued to finance residual securities assets from NMFT NMFT New Material Flight Test NMFT Marine Fighter Training Squadron NMFT Netmeeting File Transfer 2005-1 and NMFT 2005-2. The bonds are non-recourse in nature and pay a bond equivalent yield Bond equivalent yield Bond yield calculated on an annual percentage rate method. Differs from annual effective yield. of 4.825%. All cash flows from the assets collateralizing the bonds are used to pay interest and principle until the bonds are fully amortized. About NovaStar NovaStar Financial, Inc. (NYSE: NFI) is one of the nation's leading lenders and investors in residential mortgages. The company specializes in single-family, nonconforming mortgages, involving borrowers whose loan size, credit details or other circumstances fall outside conventional mortgage agency guidelines. A Real Estate Investment Trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) founded in 1996, NovaStar efficiently brings together the capital markets, a nationwide network of mortgage brokers and American families financing their homes. NovaStar is headquartered in Kansas City, Missouri Kansas City is the largest city in the state of Missouri. It encompasses parts of Jackson, Clay, Cass, and Platte counties and is the anchor city of the Kansas City Metropolitan Area, the second largest in Missouri, which includes counties in both Missouri and Kansas. , and has lending operations nationwide. For more information, please reference our website at www.novastarmortgage.com. Certain matters discussed in this news release may constitute forward-looking statements within the meaning of the federal securities laws that inherently include certain risks and uncertainties. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including general economic conditions, fluctuations in interest rates, fluctuations in losses due to default on the Company's mortgage loans, the availability of nonconforming residential mortgage loans, the availability and access to financing and liquidity resources, and other risk factors outlined in the Company's 2003 annual report on Form 10-K (available on the Company's website or by request to the Investor Relations Contact). Other factors not presently identified may also cause actual results to differ. We continuously update and revise our estimates based on actual conditions experienced. It is not practicable to publish all such revisions and, as a result, no one should assume that results projected in or contemplated by the forward-looking statements included above will continue to be accurate in the future. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion