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Proceeds could be used to support the company's loan originations as well pay down existing debt coming due in the next three years.
June 14 -
Westgate will repay principal on a pro rata basis, if there are no performance-related trigger events. Should a performance-based trigger event happen, the transaction will switch to a sequential-pay structure.
June 14 -
Initially, the reserve account starts at 0.0%, but it will be funded to either 1.00%, 2.00% or 3.00%, depending on the level of the notes' three-month average excess spread.
June 13 -
The pool includes loans originated under section 504 of the Small Business Investment Act of 1958, which supported funding for loans made to small business concerns, predominantly with original 30-year terms.
June 13 -
The trust will repay on a pro rata basis each month until the collateral's aggregate principal value is 50% of the aggregate principal value of the collateral obligations at closing.
June 12 -
Some buyers in the JPMorgan deal — and in multiple other SRT trades — borrowed money from other banks to help finance their stakes and inflate returns, people familiar with the matter say.
June 12 -
Although used cars with borrowers of non-prime credit quality comprise the asset pool, it benefits from 9.00% in overcollateralization, subordination, a reserve account representing 1.00% of the pool balance, and excess spread.
June 12 -
The A5 through A21 notes have credit enhancement levels amounting to 15.00%, while the rest of the notes are covered by levels ranging from 8.65% to 0.55%.
June 11 -
The $39 billion 10-year note sale was awarded at 4.438%, compared with a yield of 4.458% in pre-auction trading at 1 p.m. New York time, the bidding deadline.
June 11 -
Class A notes benefit from total hard credit enhancement equal to about 31.50% of the portfolio balance, while enhancement levels range from 23.75% on the class B notes to 2.00% on the class G notes.
June 11