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Non-Tech : UGLY (Ugly Duckling Corp) used cars
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To: specsit who wrote (72)12/22/1997 7:45:00 AM
From: Paul Lee  Read Replies (1) of 155
 
PHOENIX--(BUSINESS WIRE)--Dec. 22, 1997--Ugly Duckling Corp. (Nasdaq/NM:UGLY) Monday announced that it has completed, generally under terms and conditions previously disclosed, various transactions primarily related to the secured senior bank debt of First Merchants Acceptance Corp. (Nasdaq/NM:FMACE).

The transactions included the exchange of senior debt acquired by Ugly Duckling for contracts that secure the debt and the concurrent sale of the contracts to a third party, with Ugly Duckling to retain future servicing rights. As a result of the sale, Ugly Duckling expects to record a pretax gain of approximately $6 million to $7 million in the fourth quarter of 1997.

The company also announced on Monday that it has securitized $52.6 million in auto finance contracts and sold in a private placement $43 million in Class A certificates to Greenwich Capital Markets Inc. The transaction is part of the company's ongoing securitization program, begun in March 1996.

The auto finance contracts backing the Class A certificates were originated at Ugly Duckling's Champion Financial Services branch offices, which purchase contracts from third-party dealers. The certificates, which carry a 6.35% coupon rate, are insured by the Municipal Bond Insurance Association and have been rated "AAA" by Standard & Poor's and "Aaa" by Moody's Investors Services.

With headquarters in Phoenix, Ugly Duckling is a used car sales and finance company that operates the nation's largest chain of used car dealerships focused exclusively on the sub-prime market.
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