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OLYMPIC FINANCIAL LTD. CLOSES SALE OF $133 MILLION IN ASSET-BACKED SECURITIES

 MINNEAPOLIS, Dec. 3 /PRNewswire/ -- Olympic Financial Ltd. (NASDAQ-NMS: OLYM) said today that its subsidiary, Olympic Receivables Finance Corp., has completed the sale of $133 million of automobile loan-backed securities.
 The securities were issued in two classes from an owner trust, Olympic Automobile Receivables Trust, 1993-D: $114,380,000, 4.65-percent Automobile Receivables-Backed Notes and $18,620,000, 4.75-percent 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 4.75-percent, a 55-basis-point spread above the two-year Treasury note. The subordinated certificates were priced at a bond equivalent yield of 4.87 percent, a 68-basis-point spread above the two-year Treasury note.
 The offering was co-managed by Kidder, Peabody & Co. Incorporated and Bear, Stearns & Co. Inc.
 It was the fourth 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 automobile dealers in Arizona, Colorado, Florida, Georgia, Minnesota, Texas and Washington.
 The trust has $44.4 million in automobile loans acquired from Olympic's network of auto dealerships during the five weeks ended Oct. 31. In addition, $88.6 million will be available to purchase additional receivables to be delivered within the next four months.
 The offering brings Olympic's total securitizations to $438 million in the past 21 months -- $233 million of that in the last four months.
 "The growth in the size of our securitizations reflects our aggressive push to broaden our market base," said Jeffrey C. Mack, chairman and chief executive officer.
 "Our first four public ABS offerings have grown from $59.2 million just last March, to $66.1 million in June, to $100 million in August, to $133 million today. As the securitizations have grown larger, Olympic's required initial equity participation has grown smaller -- from 5 percent last June, to 2 percent in August, to zero in the current securitization.
 "By prefunding approximately two-thirds of this securitization, we have reduced our cost of funds on a short-term basis and locked in our spreads and resulting profitability during the period of prefunding.
 "In the eight months since our first public ABS offering, our dealership network has doubled from approximately 400 to more than 800. Loan origination volume increased by 158 percent during the fiscal year ended June 30, 1993, and by 257 percent in the first quarter of the current fiscal year.
 "Our market expansion has contributed significantly to these increases. The company is now operating in seven states -- five of those opened within the past 12 months -- and we expect to add three more branch offices by the end of next summer."
 -0- 12/3/93
 /CONTACT: Tom Langenfeld of Swenson/Falker Associates, 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:

DB-AL -- MN005 -- 0163 12/03/93 10:55 EST
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Publication:PR Newswire
Date:Dec 3, 1993
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