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 2005-3 ("SAST 2005-3") of $900 million of notes backed by
conforming and non-conforming mortgage loans transferred to the trust
in the securitization. The securitization lead manager is RBS
Greenwich Capital, and co-managers are Banc of America Securities LLC,
Credit Suisse First Boston, and Merrill Lynch & Co. The notes are
offered pursuant to a Prospectus dated September 27, 2005 and
Prospectus Supplement dated September 27, 2005.
The notes, which will be characterized as debt for both tax and
financial reporting purposes, will represent obligations of SAST
2005-3, a Delaware statutory trust. The assets of the trust will
include two groups 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
Spread/ Ratings Moody's/
Securities Amount Benchmark Margin Coupon S&P/Fitch
----------------------------------------------------------------------
A-1A $360,900,000 1 Month LIBOR 0.26% L + 0.26% Aaa/AAA/AAA
A-2A $185,000,000 1 Month LIBOR 0.12% L + 0.12% Aaa/AAA/AAA
A-2B $59,800,000 1 Month LIBOR 0.18% L + 0.18% Aaa/AAA/AAA
A-2C $85,400,000 1 Month LIBOR 0.28% L + 0.28% Aaa/AAA/AAA
A-2D $30,700,000 1 Month LIBOR 0.37% L + 0.37% Aaa/AAA/AAA
M-1 $34,200,000 1 Month LIBOR 0.46% L + 0.46% Aa1/AA+/AA+
M-2 $31,500,000 1 Month LIBOR 0.48% L + 0.48% Aa2/AA/AA
M-3 $20,700,000 1 Month LIBOR 0.50% L + 0.50% Aa3/AA-/AA-
M-4 $16,200,000 1 Month LIBOR 0.60% L + 0.60% A1/A+/A+
M-5 $15,750,000 1 Month LIBOR 0.65% L + 0.65% A2/A/A
M-6 $13,050,000 1 Month LIBOR 0.70% L + 0.70% A3/A-/A-
B-1 $14,400,000 1 Month LIBOR 1.20% L + 1.20% Baa1/BBB+/BBB+
B-2 $9,900,000 1 Month LIBOR 1.35% L + 1.35% Baa2/BBB/BBB
B-3 $9,900,000 1 Month LIBOR 1.85% L + 1.85% Baa3/BBB-/BBB-
B-4 $12,600,000 1 Month LIBOR 3.00% L + 3.00% Not Rated/BBB-/
------------ BBB-
$900,000,000
*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 manage 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 production subsidiaries, Saxon Mortgage, Inc., and
America's MoneyLine, Inc. originate and purchase loans through
wholesale, correspondent and retail business channels. Saxon currently
originates and purchases loans throughout the United States, through
its network of brokers, correspondents, and retail branches. As of
June 30, 2005, Saxon's servicing subsidiary, Saxon Mortgage Services,
Inc., serviced a mortgage loan portfolio of $24.7 billion. For more
information, visit www.saxoncapitalinc.com.
Information Regarding Forward Looking Statements
Statements in this news release other than statements of historic
fact, are "forward-looking statements" that are based on current
expectations and assumptions. These expectations and assumptions are
subject to risks and uncertainty, which could affect Saxon's future
plans. Saxon's actual results and the timing and occurrence of
expected events could differ materially from its plans and
expectations due to a number of factors, such as (i) changes in
overall economic conditions and interest rates, (ii) Saxon's ability
to successfully implement its growth strategy, (iii) Saxon's ability
to sustain loan origination growth at levels sufficient to absorb
costs of production and operational costs, (iv) continued availability
of credit facilities and access to the securitization markets or other
funding sources, (v) deterioration in the credit quality of Saxon's
loan portfolio, (vi) lack of access to the capital markets for
additional funding, (vii) challenges in successfully expanding Saxon's
servicing platform and technological capabilities, (viii) Saxon's
ability to remain in compliance with federal tax requirements
applicable to REITs, (ix) Saxon's ability and the ability of its
subsidiaries to operate effectively within the limitations imposed on
REITs by federal tax rules, (x) changes in federal income tax laws and
regulations applicable to REITs, (xi) unfavorable changes in capital
market conditions, (xii) future litigation developments, (xiii)
competitive conditions applicable to Saxon's industry, and (xiv)
changes in the applicable legal and regulatory environment. You should
also be aware that all information in this news release is as of
September 29, 2005. Saxon undertakes no duty to update any
forward-looking statement to conform the statement to actual results
or changes in the company's expectations.