Equity One ABS Inc., a home equity lender based in Allentown, Pa., will come to market in July with its second securitization of HEL collateral ever - exactly two years since the firm entered the market for the first time in the summer of 1997.
Salomon Smith Barney, the underwriter for the company's first deal, will lead this time as well. Volume on the transaction is expected to be in the $170 million range, and the securities will most likely get a wrap from Ambac. The bulk of the offering will be packaged in two tranches, an A-1 class and an A-2 class.
The firm is looking to close by "the first of August," said a source close to the situation.
The firm's $102 million 1997 deal contained five tranches of fixed-rate HEL collateral in a sequential paying structure. The biggest tranche of that deal carried a three-year average life. - SK