United PanAm Financial Corp. Announces $250 Million Asset-Backed Securitization
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United PanAm Financial Corp. (Nasdaq:UPFC) today announced the pricing
of a $250 million offering of automobile receivables-backed securities.
The transaction is scheduled to close on November 8, 2007. The manager
on the transaction is Deutsche Bank Securities. Net proceeds from this
securitization transaction will be used to provide long-term financing
of automobile receivables.
The securities will be issued via an owner trust, United Automobile
Receivables Trust 2007-B, in three classes of Notes:
Note Class
Amount
Average Life
Price
Coupon Rate
Standard & Poor's
Moody's
A-1
$ 58,000,000
0.27 years
100.00000
4.98685%
A-1+
Prime-1
A-2
$ 93,000,000
1.05 years
99.99110
5.75%
AAA
Aaa
A-3
$ 99,000,000
2.40 years
99.98087
6.15%
AAA
Aaa
The weighted average coupon on the Notes is 5.987%.
AMBAC Assurance Corporation is providing a note guaranty insurance
policy for this transaction. Initial credit enhancement will total 9.0%
of the original receivable pool balance building to the total required
enhancement level of 13.0% of the then outstanding receivable pool
balance. The initial 9.0% enhancement will consist of a 2.0% reserve
fund and 7.0% overcollateralization.
Copies of the prospectus relating to this offering of automobile
receivables-backed securities may be obtained from the manager. This
press release shall not constitute an offer to sell or the solicitation
of an offer to buy the securities described in this press release, nor
shall there be any sale of these securities in any State in which such
offer, solicitation or sale would be unlawful prior to the registration
or qualification under the securities laws of any such State.
United PanAm Financial Corp.
UPFC is a specialty finance company engaged in automobile finance, which
includes the purchasing, warehousing, securitizing and servicing of
automobile installment sales contracts originated by independent and
franchised dealers of used automobiles. UPFC conducts its automobile
finance business through its wholly-owned subsidiary, United Auto Credit
Corporation in 37 states.
