Saxon Capital, Inc. Announces $984.5 Million Asset-Backed Securitization
08 6월 2006 - 5:48AM
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 2006-2 ("SAST 2006-2") of $984.5 million of
certificates 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 June 5, 2006.
The certificates will represent individual ownership interests in
the SAST 2006-2 trust, which will be structured as a REMIC for
federal income tax purposes, and as a financing for financial
accounting purposes. The assets of the trust will include three
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 Ratings: Spread/ Moody's/S&P/
Securities Amount Benchmark Margin Coupon Fitch
------------------------------------------- -----------
-------------- A-1 $197,376,000 1 Month LIBOR 0.130% L + 0.130%
Aaa/AAA/AAA A-2 $197,374,000 1 Month LIBOR 0.130% L + 0.130%
Aaa/AAA/AAA A-3A $206,173,000 1 Month LIBOR 0.030% L + 0.030%
Aaa/AAA/AAA A-3B $58,031,000 1 Month LIBOR 0.090% L + 0.090%
Aaa/AAA/AAA A-3C $101,549,000 1 Month LIBOR 0.150% L + 0.150%
Aaa/AAA/AAA A-3D $28,997,000 1 Month LIBOR 0.240% L + 0.240%
Aaa/AAA/AAA M-1 $37,500,000 1 Month LIBOR 0.290% L + 0.290%
Aa1/AA+/AA+ M-2 $34,500,000 1 Month LIBOR 0.300% L + 0.300%
Aa2/AA+/AA+ M-3 $22,000,000 1 Month LIBOR 0.320% L + 0.320%
Aa3/AA/AA M-4 $18,500,000 1 Month LIBOR 0.350% L + 0.350%
A1/AA-/AA- M-5 $18,500,000 1 Month LIBOR 0.390% L + 0.390% A2/A+/A+
M-6 $16,000,000 1 Month LIBOR 0.460% L + 0.460% A3/A/A B-1
$16,000,000 1 Month LIBOR 0.900% L + 0.900% Baa1/A-/A- B-2
$13,500,000 1 Month LIBOR 1.150% L + 1.150% Baa2/BBB+/BBB+ B-3
$8,500,000 1 Month LIBOR 1.900% L + 1.900% Baa3/BBB/BBB B-4
$10,000,000 1 Month LIBOR 2.500% L + 2.500% Ba1/BBB-/BBB-
------------- $984,500,000 *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 March 31, 2006, Saxon's servicing subsidiary, Saxon
Mortgage Services, Inc., serviced a mortgage loan portfolio of
$26.8 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 June 7, 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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