Despite enlisting Merrill Lynch to find it a buyer after misprojecting its earnings this quarter by as much as 50%, Oakwood Homes Corp. will continue securitizing full-steam. The Greensboro, N.C.-based manufactured housing issuer was about to distribute premarketing guidelines at press time on a $300 million deal for launch early in the week, and has added to a mammoth $2.5 billion shelf filing that looks to provide some funding for the firm through the remainder of the year.

Credit Suisse First Boston, the underwriter for Oakwood since it entered the market in 1994, will lead the upcoming deal, and Banc of America Securities will act as co-manager. Both will have a tough time getting smooth execution on this one, though, said a source, as the firm's admitted woes and the sector's relative ill health look to push spreads wide. Heavy participation by the agencies is the proof in the pudding, he said.

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