Saxon Capital, Inc. Announces Private Offering of $150 Million Senior Notes
17 Avril 2006 - 3:28PM
Business Wire
Saxon Capital, Inc. ("Saxon" or the "Company") (NYSE: SAX), a
residential mortgage lending and servicing real estate investment
trust (REIT), today announced that on April 18, 2006, it will
commence a private placement offering of $150 million of senior
notes due 2014. Certain of the Company's subsidiaries will
guarantee the notes, which guarantees will be general unsecured
obligations of the guarantors. The Company intends to use the net
proceeds from the proposed offering for general corporate purposes,
principally the acquisition of additional third-party mortgage
servicing rights and whole loans in bulk. Pending application of
the net proceeds of this offering as described above, we intend to
use the net proceeds to temporarily reduce outstanding debt under
one or more of our committed facilities. The private offering,
which is subject to market and other customary conditions, will be
made within the United States only to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of 1933 and
outside the United States pursuant to Regulation S under the
Securities Act. The notes have not been registered under the
Securities Act, or the securities laws of any state or other
jurisdiction, and may not be offered or sold in the United States
without registration or an applicable exemption from the Securities
Act. This announcement is neither an offer to sell nor a
solicitation of an offer to buy the new senior notes. 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 December 31,
2005, Saxon's servicing subsidiary, Saxon Mortgage Services, Inc.,
serviced a mortgage loan portfolio of $24.8 billion. For more
information, visit www.saxonmortgage.com. Information Regarding
Forward Looking Statements Statements in this news release other
than statements of historical 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 April 17, 2006. Saxon
undertakes no duty to update any forward-looking statement to
conform the statement to actual results or changes in the Company's
expectations.
Saxon Capital (NYSE:SAX)
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