Saxon Capital, Inc. Announces $900 Million Asset-Backed Securitization
29 Septiembre 2005 - 3:15PM
Business Wire
Saxon Capital, Inc. ("Saxon") (NYSE:SAX), a residential mortgage
lending and servicing real estate investment trust (REIT), today
announced the securitization by its affiliate, Saxon Asset
Securities Company, and the related offering by Saxon Asset
Securities Trust 2005-3 ("SAST 2005-3") of $900 million of notes
backed by conforming and non-conforming mortgage loans transferred
to the trust in the securitization. The securitization lead manager
is RBS Greenwich Capital, and co-managers are Banc of America
Securities LLC, Credit Suisse First Boston, and Merrill Lynch &
Co. The notes are offered pursuant to a Prospectus dated September
27, 2005 and Prospectus Supplement dated September 27, 2005. The
notes, which will be characterized as debt for both tax and
financial reporting purposes, will represent obligations of SAST
2005-3, a Delaware statutory trust. The assets of the trust will
include two groups of mortgage loans secured by one-to-four family
residential properties. Saxon will use the proceeds from the
securitization to provide long-term financing of the mortgage loans
and for general corporate purposes. -0- *T Spread/ Ratings Moody's/
Securities Amount Benchmark Margin Coupon S&P/Fitch
----------------------------------------------------------------------
A-1A $360,900,000 1 Month LIBOR 0.26% L + 0.26% Aaa/AAA/AAA A-2A
$185,000,000 1 Month LIBOR 0.12% L + 0.12% Aaa/AAA/AAA A-2B
$59,800,000 1 Month LIBOR 0.18% L + 0.18% Aaa/AAA/AAA A-2C
$85,400,000 1 Month LIBOR 0.28% L + 0.28% Aaa/AAA/AAA A-2D
$30,700,000 1 Month LIBOR 0.37% L + 0.37% Aaa/AAA/AAA M-1
$34,200,000 1 Month LIBOR 0.46% L + 0.46% Aa1/AA+/AA+ M-2
$31,500,000 1 Month LIBOR 0.48% L + 0.48% Aa2/AA/AA M-3 $20,700,000
1 Month LIBOR 0.50% L + 0.50% Aa3/AA-/AA- M-4 $16,200,000 1 Month
LIBOR 0.60% L + 0.60% A1/A+/A+ M-5 $15,750,000 1 Month LIBOR 0.65%
L + 0.65% A2/A/A M-6 $13,050,000 1 Month LIBOR 0.70% L + 0.70%
A3/A-/A- B-1 $14,400,000 1 Month LIBOR 1.20% L + 1.20%
Baa1/BBB+/BBB+ B-2 $9,900,000 1 Month LIBOR 1.35% L + 1.35%
Baa2/BBB/BBB B-3 $9,900,000 1 Month LIBOR 1.85% L + 1.85%
Baa3/BBB-/BBB- B-4 $12,600,000 1 Month LIBOR 3.00% L + 3.00% Not
Rated/BBB-/ ------------ BBB- $900,000,000 *T Copies of the
Prospectus and Prospectus Supplement relating to the certificates
may be obtained from the Company. About Saxon Saxon is a
residential mortgage lender and servicer that manage a portfolio of
mortgage assets. Saxon purchases, securitizes, and services real
property secured mortgages, and elects to be treated as a real
estate investment trust (REIT) for federal tax purposes. The
company is headquartered in Glen Allen, Virginia and has additional
primary facilities in Fort Worth, Texas and Foothill Ranch,
California. Saxon's production subsidiaries, Saxon Mortgage, Inc.,
and America's MoneyLine, Inc. originate and purchase loans through
wholesale, correspondent and retail business channels. Saxon
currently originates and purchases loans throughout the United
States, through its network of brokers, correspondents, and retail
branches. As of June 30, 2005, Saxon's servicing subsidiary, Saxon
Mortgage Services, Inc., serviced a mortgage loan portfolio of
$24.7 billion. For more information, visit www.saxoncapitalinc.com.
Information Regarding Forward Looking Statements Statements in this
news release other than statements of historic fact, are
"forward-looking statements" that are based on current expectations
and assumptions. These expectations and assumptions are subject to
risks and uncertainty, which could affect Saxon's future plans.
Saxon's actual results and the timing and occurrence of expected
events could differ materially from its plans and expectations due
to a number of factors, such as (i) changes in overall economic
conditions and interest rates, (ii) Saxon's ability to successfully
implement its growth strategy, (iii) Saxon's ability to sustain
loan origination growth at levels sufficient to absorb costs of
production and operational costs, (iv) continued availability of
credit facilities and access to the securitization markets or other
funding sources, (v) deterioration in the credit quality of Saxon's
loan portfolio, (vi) lack of access to the capital markets for
additional funding, (vii) challenges in successfully expanding
Saxon's servicing platform and technological capabilities, (viii)
Saxon's ability to remain in compliance with federal tax
requirements applicable to REITs, (ix) Saxon's ability and the
ability of its subsidiaries to operate effectively within the
limitations imposed on REITs by federal tax rules, (x) changes in
federal income tax laws and regulations applicable to REITs, (xi)
unfavorable changes in capital market conditions, (xii) future
litigation developments, (xiii) competitive conditions applicable
to Saxon's industry, and (xiv) changes in the applicable legal and
regulatory environment. You should also be aware that all
information in this news release is as of September 29, 2005. Saxon
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the company's
expectations.
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