-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PNyw8FgyFrDmAKRfYfwu3b1SAts227l1f59gY3YWnyCTJhfUi08+LQ7OsGIUjUsz ht7kO0KpYtbc6UQrpdQdDA== 0000944209-97-000112.txt : 19970211 0000944209-97-000112.hdr.sgml : 19970211 ACCESSION NUMBER: 0000944209-97-000112 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19970205 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970207 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: ICIFC SECURED ASSETS CORP CENTRAL INDEX KEY: 0001018905 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] IRS NUMBER: 330715871 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-08439 FILM NUMBER: 97521042 BUSINESS ADDRESS: STREET 1: 20371 IRVINE AVE #104 CITY: SANTA ANA HEIGTS STATE: CA ZIP: 92707 BUSINESS PHONE: 7145560122 MAIL ADDRESS: STREET 1: 20371 IRVINE AVE #104 CITY: SANTA ANA HEIGTS STATE: CA ZIP: 92707 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K Current Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (date of earliest event reported): February 5, 1997 ICIFC SECURED ASSETS CORP. (Exact Name of Registrant as Specified in its Charter) California (State or Other Jurisdiction of Incorporation) 333-8439 33-071-5871 (Commission File Number) (I.R.S. Employer Identification No.) 20371 Irvine Avenue Santa Ana Heights, California 92707 (Address of Principal Executive Offices, Including Zip Code) (714) 556-0122 (Registrant's Telephone Number, Including Area Code) Item 5. Other Events - ------- ------------ Attached as an exhibit are Collateral Term Sheets (as defined in the no-action letter dated February 17, 1995 issued by the Securities and Exchange Commission to the Public Securities Association) prepared by ICIFC Secured Assets Corp. which are hereby filed pursuant to such letter. 2 Item 7. Financial Statements and Exhibits - ------- --------------------------------- (c) Exhibits
Item 601(a) of Regulation S-K Exhibit No. Description - -------------- ----------- 99.2 Collateral Term Sheets prepared by ICIFC Secured Assets Corp. in connection with ICIFC Secured Assets Corp., Mortgage Pass- Through Certificates
3 Index to Exhibits -----------------
Exhibit No. Description Page - -------------- ----------- ---- 99.2 Collateral Term Sheets prepared 6 by ICIFC Secured Assets Corp. in connection with ICIFC Secured Assets Corp., Mortgage Pass- Through Certificates
4 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized. ICIFC SECURED ASSETS CORP. Date: February 7, 1997 By: /s/ Richard Johnson ---------------------------------------- Name: Richard Johnson Title: Chief Financial Officer and Secretary 5 EX-99.2 2 ICIFC MORTGAGE PASS-THROUGH CERTIFICATE EXHIBIT 99.2 MORGAN STANLEY Mortgage/Asset Capital Markets February 5, 1997 ICIFC SECURED ASSETS CORP. MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1997-1 $275,000,000 APPROXIMATE ICI FUNDING CORPORATION MASTER SERVICER AND SELLER TRANSACTION HIGHLIGHTS* -----------------------
RATINGS PAYMENT PAR AMOUNT S&P/DUFF WINDOW AVG. SUBORDINATION CLASS (APPROX.) COUPON TYPE & PHELPS (MONTHS) LIFE LEVELS - ----------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------- A-1 $32,243,000 6.70% SEQUENTIAL AAA/AAA 19 0.85 5.75% - ----------------------------------------------------------------------------------------------------------------------- A-2 66,108,000 9.00 SEQUENTIAL AAA/AAA 69 2.19 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-3 18,993,000 6.85 SEQUENTIAL AAA/AAA 12 2.00 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-4 21,149,000 7.00 SEQUENTIAL AAA/AAA 14 3.00 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-5 15,394,000 7.20 SEQUENTIAL AAA/AAA 11 4.00 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-6 16,343,000 7.30 SEQUENTIAL AAA/AAA 17 5.00 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-7 21,767,000 7.75 SEQUENTIAL AAA/AAA 46 7.00 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-8 5,403,000 7.75 SEQUENTIAL AAA/AAA 38 10.90 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-9 6,539,204 7.75 SEQUENTIAL AAA/AAA 207 16.96 5.75 - ----------------------------------------------------------------------------------------------------------------------- A-10 55,000,000 7.75 NAS AAA/AAA 297 10.73 5.75 - ----------------------------------------------------------------------------------------------------------------------- B-1 6,187,000 7.75 SUBORDINATE AA/AA 357 11.03 3.50 - ----------------------------------------------------------------------------------------------------------------------- B-2 2,750,000 7.75 SUBORDINATE A/A 357 11.03 2.50 - ----------------------------------------------------------------------------------------------------------------------- B-3 2,063,000 7.75 SUBORDINATE BBB/BBB 357 11.03 1.75 - -----------------------------------------------------------------------------------------------------------------------
* SUBJECT TO CHANGE MASTER SERVICER: ICI Funding Corporation ("ICIFC") DEPOSITOR: ICIFC Secured Assets Corp. ("ICIFC") TRUSTEE: Banker's Trust Company of California, N.A. MANAGERS: MORGAN STANLEY (LEAD-MANAGER); Bear Stearns (Co-manager) EXPECTED SETTLEMENT: March 27, 1997, through DTC DISTRIBUTION DATES: 25th of each month, beginning April 25, 1997 CREDIT ENHANCEMENT: Senior/Subordinate UNDERLYING COLLATERAL: $275,000,000 30-year and 15-year fixed rate mortgage loans originated in accordance with ICIFC's Progressive Series guidelines DAY COUNT BASIS: 30/360 PREPAYMENT SPEED: Indexed vector ramping from 4% to 16% CPR over first 12 months and 16% CPR thereafter (the "Prepayment Assumption") OPTIONAL CALL: 10% clean-up call TAX STATUS: REMIC ERISA ELIGIBILITY: AAA Senior Certificates are ERISA eligible SMMEA ELIGIBILITY: All Certificates are SMMEA eligible, except B-2 and B-3 This information has been prepared by Morgan Stanley & Co. Incorporated in connection with the sale of these securities by ICIFC, and is based on information about the mortgage loans provided by or on behalf of ICIFC. Any information herein regarding the mortgage loans supersedes any prior information regarding the mortgage loans and is superseded by the information regarding the mortgage loans set forth in the related Prospectus or Prospectus Supplement. This information has been provided to you at your request and may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in the connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS. Certain assumptions may have been made in this analysis which have resulted in any returns detailed herein. No representation is made that any returns indicated will be achieved. Additional information is available upon request. These materials are solely for informational purposes and do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition, please note that this information has been provided by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co. International Limited, a member of the Securities and Futures Authority and Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. PAYMENT RULES ------------- I. PAYMENT OF INTEREST: The Available Distribution Amount on the pool will be paid in the following sequence: 1) Fees of 26.5 bp (including master servicing and trustee fees). 2) Class certificate coupon payments at their respective coupon rates. Prepayment Interest Shortfalls due to full and partial prepayments are covered to the extent of the master servicing fee. II. PAYMENT OF PRINCIPAL: Following the payments of interest above, principal collections will be paid as follows: 1) With principal: a) Class A-1 through A-9 Certificates are paid sequentially until zero. b) Class A-10 Certificate is a NAS bond. It receives no principal payments for the first 59 periods. For the next 24 periods, it receives 50% of its pro-rata percentage of the senior principal, and thereafter it receives 100% of its pro- rata percentage of senior principal. 2) The Subordinate Certificates receive their pro-rata percentage of scheduled principal and receive their "shifting interest" percentage of prepayments. They receive no prepayments for the first five years, and thereafter receive 30%, 40%, 60%, 80% and finally 100% of their pro-rata percentage of prepayments. COLLATERAL DESCRIPTION ---------------------- APPROXIMATE COMBINED COLLATERAL CHARACTERISTICS: POOL BALANCE: $275,000,000 NUMBER OF LOANS: 1,870 AVERAGE BALANCE: Average $147,000; minimum $22,500; maximum $700,000 WEIGHTED AVERAGE GROSS COUPON: 8.90% PROPERTY TYPE: 91% SFR and PUD; 5% Condo; 4% 2-4 Family OWNER OCCUPANCY: 93% Owner; 4% Investor; 3% Second LOAN PURPOSE: 18% Cashout DOCUMENTATION: 38% Express; 42% Reduced; 20% Full LOAN TO VALUE RATIO: 78% Weighted Average LTV GEOGRAPHIC CONCENTRATION: 37% CA WEIGHTED AVERAGE REMAINING TERM: 348 months, 3 months weighted average seasoning ORIGINAL TERM: 30 year; 95%, 15 year; 5% This information has been prepared by Morgan Stanley & Co. Incorporated in connection with the sale of these securities by ICIFC, and is based on information about the mortgage loans provided by or on behalf of ICIFC. Any information herein regarding the mortgage loans supersedes any prior information regarding the mortgage loans and is superseded by the information regarding the mortgage loans set forth in the related Prospectus or Prospectus Supplement. This information has been provided to you at your request and may not be used or otherwise disseminated in connection with the offer or sale of these or any other securities, except in the connection with the initial offer or sale of these securities to you to the extent set forth below. NO REPRESENTATION IS MADE AS TO THE APPROPRIATENESS, USEFULNESS, ACCURACY OR COMPLETENESS OF THESE MATERIALS. Certain assumptions may have been made in this analysis which have resulted in any returns detailed herein. No representation is made that any returns indicated will be achieved. Additional information is available upon request. These materials are solely for informational purposes and do not constitute an offer to buy or sell or a solicitation of an offer to buy or sell any security or instrument or to participate in any particular trading strategy. ANY SUCH OFFER TO BUY OR SELL ANY SECURITY WOULD BE MADE PURSUANT TO A DEFINITIVE PROSPECTUS AND PROSPECTUS SUPPLEMENT PREPARED BY ICIFC WHICH WOULD CONTAIN MATERIAL INFORMATION NOT CONTAINED IN THESE MATERIALS. ANY DECISION TO INVEST IN SUCH SECURITIES SHOULD BE MADE SOLELY IN RELIANCE UPON SUCH PROSPECTUS AND PROSPECTUS SUPPLEMENT. In the event of any such offering, these materials shall be deemed superseded, amended and supplemented in their entirety by such Prospectus and Prospectus Supplement. To Our Readers Worldwide: In addition, please note that this information has been provided by Morgan Stanley & Co. Incorporated and approved by Morgan Stanley & Co. International Limited, a member of the Securities and Futures Authority and Morgan Stanley Japan Ltd. We recommend that investors obtain the advice of their Morgan Stanley & Co. International Limited or Morgan Stanley Japan Ltd. representative about the investments concerned. NOT FOR DISTRIBUTION TO PRIVATE CUSTOMERS AS DEFINED BY THE U.K. SECURITIES AND FUTURES AUTHORITY. -----END PRIVACY-ENHANCED MESSAGE-----