Sounds like they are still in business
AMRESCO Completes Largest Ever Small Business ABS Sale
DALLAS, Dec. 6 /PRNewswire/ -- AMRESCO, INC. (Nasdaq: AMMB) is pleased to
announce that the company has closed its largest ever small business loan-
backed transaction, a $340 million securitization of loans to small business
owners, primarily in the restaurant, convenience store, drug store and pay
phone industries. Of the $340 million, $71 million was prefunded. The
transaction, which was lead managed by Prudential Securities, represents
AMRESCO's seventh Business Lending securitization.
Rated by Duff & Phelps Credit Rating Co., Fitch IBCA, Moody's Investors
Service and Standard & Poor's, 83 percent of the offering was rated triple-A;
7.5 percent was rated double-A; 1.5 percent was rated double-A minus; 6
percent was rated single-A; and 2 percent was retained by AMRESCO.
"Business Lending activities are realizing consistent growth at a healthy
pace," says Randy Brown, president of AMRESCO's Commercial Finance line of
business of which Business Lending is a part. "Our conventional, SBA and
equipment finance and leasing products compliment one another. With this
diverse spectrum of products and the geographic expansion we are experiencing,
AMRESCO is advancing in the thriving small business market across the United
States."
Business Lending provides long-term fixed and floating rate financing to
franchisees, small businesses and small commercial real estate owners. Since
1997, approximately $1.3 billion in these loans have been originated by
AMRESCO finance professionals throughout the country. Nearly all of these
loans have been securitized and sold. |
