Saxon Capital, Inc. Announces $494.7 Million Asset-Backed Securitization
03 5월 2006 - 6:00AM
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 2006-1 ("SAST 2006-1") of $494.7 million of notes
backed by conforming and non-conforming mortgage loans transferred
to the trust in the securitization. The securitization lead manager
is Credit Suisse, and co-managers are Banc of America Securities
LLC, JPMorgan, Merrill Lynch & Co, and RBS Greenwich Capital.
The certificates are offered pursuant to a Prospectus dated April
26, 2006 and Prospectus Supplement dated April 28, 2006. The notes,
which will be characterized as debt for both tax and financial
reporting purposes, will represent obligations of SAST 2006-1, 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: Securities Amount
Benchmark Margin Coupon Moody's/S&P
---------------------------------------------
------------------------ A-1 $199,612,000 1 Month LIBOR 0.155% L +
0.155% Aaa / AAA A-2A $125,644,000 1 Month LIBOR 0.060% L + 0.060%
Aaa / AAA A-2B $20,671,000 1 Month LIBOR 0.110% L + 0.110% Aaa /
AAA A-2C $44,178,000 1 Month LIBOR 0.160% L + 0.160% Aaa / AAA A-2D
$9,124,000 1 Month LIBOR 0.270% L + 0.270% Aaa / AAA M-1
$36,748,000 1 Month LIBOR 0.310% L + 0.310% Aa2 / AA M-2
$10,499,000 1 Month LIBOR 0.330% L + 0.330% Aa3 / AA M-3 $9,499,000
1 Month LIBOR 0.390% L + 0.390% A1 / AA- M-4 $9,250,000 1 Month
LIBOR 0.430% L + 0.430% A2 / A+ M-5 $8,250,000 1 Month LIBOR 0.510%
L + 0.510% A3 / A B-1 $8,250,000 1 Month LIBOR 1.000% L + 1.000%
Baa1 / A- B-2 $7,500,000 1 Month LIBOR 1.200% L + 1.200% Baa2 / BBB
B-3 $5,500,000 1 Month LIBOR 2.100% L + 2.100% Baa3 / BBB-
------------- $494,725,000 *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 manages 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 mortgage
loan production subsidiary, Saxon Mortgage, Inc., originates and
purchases loans through indirect and direct lending channels using
a network of brokers, correspondents, and its retail lending
centers. As of December 31, 2005, Saxon's servicing subsidiary,
Saxon Mortgage Services, Inc., serviced a mortgage loan portfolio
of $24.8 billion. For more information, visit
www.saxonmortgage.com. Information Regarding Forward Looking
Statements Statements in this news release other than statements of
historical 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 May 2, 2006. Saxon undertakes no duty to update any
forward-looking statement to conform the statement to actual
results or changes in the Company's expectations.
Saxon Capital (NYSE:SAX)
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Saxon Capital (NYSE:SAX)
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