Expect to see home equity loan player American Business Financial Services in the market soon with a deal in the $150 million to $250 million range.
Sources close to the deal said the usual lead manager, Prudential Securities, will likely take the reins. Assets will include first and second mortgage home equity loans, with a weighting of 85% on the first-timers.
The last deal by Bala Cynwyd, Pa.-based American Business was a $185 million public, FSA-wrapped HEL deal done in December 1998. They expect to be a quarterly issuer going forward.
Other sources have the firm coming to market with a $100 million equipment lease deal, likely to be a 144A type deal, and perhaps a non-SBA small business loan deal, also in the $100 million range. Both of these deal are also likely to be Pru-lead.
Sources at the firm would not confirm the equipment and small business loan deals, but said "it's always possible." The firm just announced a plan to buy back 10% of its outstanding shares. - TC