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OLYMPIC FINANCIAL LTD. REPORTS SALE OF $100 MILLION IN ASSET-BACKED SECURITIES

 MINNEAPOLIS, Aug. 17 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) said today that its subsidiary, Olympic Receivables Finance Corp., has completed the sale of $100 million of automobile loan-backed securities.
 The securities were issued in two classes from an owner trust, Olympic Automobile Receivables Trust, 1993-C: the senior $87-million 4.5-percent Automobile Receivables-Backed Notes and the subordinated $13-million 4.6-percent Automobile Receivables-Backed Certificates.
 Both the notes and the certificates were rated AAA by Standard & Poor's and Aaa by Moody's. Principal and interest on the notes and certificates are 100-percent guaranteed by insurance policies provided by Financial Security Assurance. The notes are rated AAA by Standard & Poor's without regard to the insurance policy provided by FSA.
 The senior notes were priced at a bond equivalent yield of 4.6 percent, a 55-basis-point spread above the two-year Treasury note. The subordinated certificates were priced at a bond equivalent yield of 4.7 percent, a 65-basis-point spread above the two-year Treasury note.
 The offering was co-managed by Bear, Stearns & Co. Inc. and Kidder, Peabody & Co. Incorporated.
 It was the third and largest public offering of asset-backed securities by Olympic, a Minneapolis-based company that purchases, pools, sells and services retail automobile installment loans originated by a network of more than 600 automobile dealers in Arizona, Colorado, Florida, Minnesota, Texas and Washington.
 The trust has $49.7 million in automobile loans acquired from Olympic's network of auto dealerships during the two months ended July 31. In addition, $50.3 million has been deposited in a prefunding account to purchase additional receivables to be delivered within the next four months.
 "This offering brings our total securitizations to $305 million over the past 18 months, with $226 million of that coming in the last three quarters," said Jeffrey C. Mack, chairman and chief executive officer.
 "The growth in our securitizations reflects the accelerating growth of our loan originations, which in turn reflects the aggressive program of geographical expansion that we are pursuing. Loans acquired by Olympic during the past three months totaled $77 million, up 204 percent from $25.3 million in the same period last year.
 "Our market expansion has contributed significantly to these increases. The company is now operating in six states -- five of those added within the past 16 months -- and we expect to open an Atlanta, Ga., office in November."
 -0- 8/17/93
 /CONTACT: Tom Langenfeld of Swenson Falker Associates Inc., 612-371-0000, for Olympic Financial; or Jeffrey C. Mack of Olympic Financial, 612-942-9880/
 (OLYM)


CO: Olympic Financial, Ltd. ST: Minnesota IN: FIN SU:

AL -- MN009 -- 3598 08/17/93 13:40 EDT
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Publication:PR Newswire
Date:Aug 17, 1993
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