Last week American Business Financial Services announced that it had closed two mortgage warehouse facilities with two
separate institutions, providing the company with $450 million in added liquidity to fund its origination, which had been stifled by its inability to securitize through its usual channels, according to previous releases.
The company's stock (ABFI) picked up about $1.5, a 38.65% increase, on the news last Wednesday, and had closed up another $.70, closing at $6.4 on Thursday afternoon.
In a simultaneous filing with the Securities and Exchange Commission, ABFS began preparation to offer up to $295 million in unsecured subordinated debt, with maturities ranging from 120 days to 120 months.
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