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Non-Tech : UGLY (Ugly Duckling Corp) used cars
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To: Scott D. who wrote ()5/17/1999 7:07:00 AM
From: Paul Lee  Read Replies (1) of 155
 
PHOENIX--(BUSINESS WIRE)--May 17, 1999--Ugly Duckling Corporation
(Nasdaq NM: UGLY) today announced that it has entered into a $38
million senior secured loan facility. The facility has a two year term
and is secured by the residual interests retained by the Company from
its securitization transactions. The Company intends to use the
facility to fund its growth. In the meantime, the Company will
use the proceeds to pay down existing debt. Said Greg Sullivan,
president and chief operating officer of the Company: "We believe this
facility reflects confidence in our business and, in particular, the
quality of the loan portfolio originated by our dealerships."
The Company also announced that in April it securitized $120
million in auto finance loans and sold $87 million in certificates to
investors in a private placement, the Company's largest securitization
transaction to date. The transaction is part of the Company's ongoing
securitization program instituted in March 1996. The $120 million in
auto finance contracts backing the certificates were originated
exclusively at Ugly Duckling's chain of used car dealerships. The
certificates, which have a 5.65% coupon rate, are insured by MBIA and
have been rated "AAA" by Standard & Poor's and "Aaa" by Moody's
Investors Services. Since the inception of its securitization program
in March 1996, the Company has closed 13 securitization transactions,
securitizing over $775 million in loans and has sold nearly $600
million in certificates to investors.
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