Saxon Capital (NYSE:SAX)
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Saxon Capital, Inc. (“Saxon”)
(NYSE: SAX), a residential mortgage lending and servicing real estate
investment trust (REIT), today announced the securitization by its
affiliate, Saxon Asset Securities Company, and the related offering by
Saxon Asset Securities Trust 2006-3 (“SAST
2006-3”) of $1.079 billion of notes backed by
conforming and non-conforming mortgage loans transferred to the trust in
the securitization. The securitization co-lead managers are Morgan
Stanley & Co. Incorporated and RBS Greenwich Capital Markets with Credit
Suisse serving as co-manager. The notes are offered pursuant to a
Prospectus dated April 26, 2006 and Prospectus Supplement dated October
5, 2006.
The notes, which will be characterized as debt for both tax and
financial reporting purposes, will represent obligations of SAST 2006-3,
a Delaware statutory trust. The assets of the trust will include one
group of mortgage loans secured by one-to-four family residential
properties. Saxon will use the proceeds from the securitization to
provide long-term financing of the mortgage loans and for general
corporate purposes.
Securities
Amount
Benchmark
Spread/ Margin
Coupon
Ratings: Moody’s
/S&P
A-1
$491,450,000
1 Month LIBOR
0.06%
L + 0.06%
Aaa/AAA
A-2
$110,900,000
1 Month LIBOR
0.11%
L + 0.11%
Aaa/AAA
A-3
$192,000,000
1 Month LIBOR
0.17%
L + 0.17%
Aaa/AAA
A-4
$66,395,000
1 Month LIBOR
0.24%
L + 0.24%
Aaa/AAA
M-1
$43,450,000
1 Month LIBOR
0.31%
L + 0.31%
Aa1/AA+
M-2
$39,600,000
1 Month LIBOR
0.32%
L + 0.32%
Aa2/AA+
M-3
$24,200,000
1 Month LIBOR
0.34%
L + 0.34%
Aa3/AA
M-4
$23,100,000
1 Month LIBOR
0.38%
L + 0.38%
A1/AA-
M-5
$20,900,000
1 Month LIBOR
0.40%
L + 0.40%
A2/A+
M-6
$18,700,000
1 Month LIBOR
0.46%
L + 0.46%
A3/A
B-1
$20,350,000
1 Month LIBOR
0.80%
L + 0.80%
Baa1/A-
B-2
$17,050,000
1 Month LIBOR
1.05%
L + 1.05%
Baa2/BBB+
B-3
$10,450,000
1 Month LIBOR
2.00%
L + 2.00%
Baa3/BBB
$1,078,545,000
Copies of the Prospectus and Prospectus Supplement relating to the
certificates may be obtained from the Company.
About Saxon
Saxon is a residential mortgage lender and servicer that manages a
portfolio of mortgage assets. Saxon purchases, securitizes, and services
real property secured mortgages and elects to be treated as a real
estate investment trust (REIT) for federal tax purposes. The Company is
headquartered in Glen Allen, Virginia and has additional primary
facilities in Fort Worth, Texas and Foothill Ranch, California.
Saxon’s mortgage loan production subsidiary,
Saxon Mortgage, Inc., originates and purchases loans through indirect
and direct lending channels using a network of brokers, correspondents,
and its retail lending centers. As of June 30, 2006, Saxon’s
servicing subsidiary, Saxon Mortgage Services, Inc., serviced a mortgage
loan portfolio of $26.4 billion. For more information, visit www.saxonmortgage.com.
Information Regarding Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the “safe harbor”
provisions of the Private Securities Litigation Reform Act of 1995.
Statements about the expected effects, timing and completion of the
proposed transaction and all other statements in this release, other
than historical facts, constitute forward-looking statements. You can
identify forward-looking statements because they contain words such as
"believes," "expects," "may," "will," "would," "should," "seeks,"
"approximately," "intends," "plans," "estimates," or "anticipates" or
similar expressions which concern our strategy, plans or intentions. All
forward-looking statements are subject to risks and uncertainties that
may change at any time, and, therefore, actual results may differ
materially from what is expected. While we believe that our assumptions
and expectations are reasonable, we caution that it is very difficult to
predict the impact of known factors, and, of course, it is impossible
for us to anticipate all factors that could affect actual results. In
particular, we may not be able to complete the proposed transaction on
the terms summarized above or other acceptable terms, or at all, due to
a number of factors, including the failure to obtain approval of our
shareholders, regulatory approvals or to satisfy other customary closing
conditions. The factors described in this paragraph and other factors
that may affect our business or future financial results generally are
discussed in our filings with the Securities and Exchange Commission,
including our Form 10-K for the year ended December 31, 2005, a copy of
which may be obtained from us without charge. You should not place undue
reliance on our forward-looking statements, which speak only as of the
date of this press release. Unless legally required, we assume no
obligation to update any written or oral forward-looking statement made
by us or on our behalf as a result of new information, future events or
otherwise.
Saxon Capital, Inc. ("Saxon") (NYSE: SAX), a residential mortgage
lending and servicing real estate investment trust (REIT), today
announced the securitization by its affiliate, Saxon Asset Securities
Company, and the related offering by Saxon Asset Securities Trust
2006-3 ("SAST 2006-3") of $1.079 billion of notes backed by conforming
and non-conforming mortgage loans transferred to the trust in the
securitization. The securitization co-lead managers are Morgan Stanley
& Co. Incorporated and RBS Greenwich Capital Markets with Credit
Suisse serving as co-manager. The notes are offered pursuant to a
Prospectus dated April 26, 2006 and Prospectus Supplement dated
October 5, 2006.
The notes, which will be characterized as debt for both tax and
financial reporting purposes, will represent obligations of SAST
2006-3, a Delaware statutory trust. The assets of the trust will
include one group of mortgage loans secured by one-to-four family
residential properties. Saxon will use the proceeds from the
securitization to provide long-term financing of the mortgage loans
and for general corporate purposes.
-0-
*T
Ratings:
Spread/ Moody's
Securities Amount Benchmark Margin Coupon /S&P
-------------------------- --------------------- ---------- ----------
A-1 $491,450,000 1 Month LIBOR 0.06% L + 0.06% Aaa/AAA
A-2 $110,900,000 1 Month LIBOR 0.11% L + 0.11% Aaa/AAA
A-3 $192,000,000 1 Month LIBOR 0.17% L + 0.17% Aaa/AAA
A-4 $66,395,000 1 Month LIBOR 0.24% L + 0.24% Aaa/AAA
M-1 $43,450,000 1 Month LIBOR 0.31% L + 0.31% Aa1/AA+
M-2 $39,600,000 1 Month LIBOR 0.32% L + 0.32% Aa2/AA+
M-3 $24,200,000 1 Month LIBOR 0.34% L + 0.34% Aa3/AA
M-4 $23,100,000 1 Month LIBOR 0.38% L + 0.38% A1/AA-
M-5 $20,900,000 1 Month LIBOR 0.40% L + 0.40% A2/A+
M-6 $18,700,000 1 Month LIBOR 0.46% L + 0.46% A3/A
B-1 $20,350,000 1 Month LIBOR 0.80% L + 0.80% Baa1/A-
B-2 $17,050,000 1 Month LIBOR 1.05% L + 1.05% Baa2/BBB+
B-3 $10,450,000 1 Month LIBOR 2.00% L + 2.00% Baa3/BBB
----------------
$1,078,545,000
*T
Copies of the Prospectus and Prospectus Supplement relating to the
certificates may be obtained from the Company.
About Saxon
Saxon is a residential mortgage lender and servicer that manages a
portfolio of mortgage assets. Saxon purchases, securitizes, and
services real property secured mortgages and elects to be treated as a
real estate investment trust (REIT) for federal tax purposes. The
Company is headquartered in Glen Allen, Virginia and has additional
primary facilities in Fort Worth, Texas and Foothill Ranch,
California.
Saxon's mortgage loan production subsidiary, Saxon Mortgage, Inc.,
originates and purchases loans through indirect and direct lending
channels using a network of brokers, correspondents, and its retail
lending centers. As of June 30, 2006, Saxon's servicing subsidiary,
Saxon Mortgage Services, Inc., serviced a mortgage loan portfolio of
$26.4 billion. For more information, visit www.saxonmortgage.com.
Information Regarding Forward Looking Statements
This press release contains forward-looking statements within the
meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act of 1995. Statements about the expected effects,
timing and completion of the proposed transaction and all other
statements in this release, other than historical facts, constitute
forward-looking statements. You can identify forward-looking
statements because they contain words such as "believes," "expects,"
"may," "will," "would," "should," "seeks," "approximately," "intends,"
"plans," "estimates," or "anticipates" or similar expressions which
concern our strategy, plans or intentions. All forward-looking
statements are subject to risks and uncertainties that may change at
any time, and, therefore, actual results may differ materially from
what is expected. While we believe that our assumptions and
expectations are reasonable, we caution that it is very difficult to
predict the impact of known factors, and, of course, it is impossible
for us to anticipate all factors that could affect actual results. In
particular, we may not be able to complete the proposed transaction on
the terms summarized above or other acceptable terms, or at all, due
to a number of factors, including the failure to obtain approval of
our shareholders, regulatory approvals or to satisfy other customary
closing conditions. The factors described in this paragraph and other
factors that may affect our business or future financial results
generally are discussed in our filings with the Securities and
Exchange Commission, including our Form 10-K for the year ended
December 31, 2005, a copy of which may be obtained from us without
charge. You should not place undue reliance on our forward-looking
statements, which speak only as of the date of this press release.
Unless legally required, we assume no obligation to update any written
or oral forward-looking statement made by us or on our behalf as a
result of new information, future events or otherwise.