SECURITIES AND EXCHANGE COMMISSION
Washington D.C. 20549
FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
August 19, 1998
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Date of Report (Date of earliest event reported)
POINT WEST CAPITAL CORPORATION.
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(Exact name of registrant as specified in its charter)
Delaware 0-27736 94-3165263
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(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
1700 Montgomery Street, Suite 250, San Francisco, CA 94111
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (415)394-9467
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Item 5. Other Events.
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On August 19, 1998 , The Company issued a press release
announcing $55 million in financing for its majority-owned affiliate, Allegiance
Capital, LLC.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
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(c) Exhibits
99.1 Text of Press Release dated August 19, 1998.
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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 thereunto duly authorized.
Point West Capital
Corporation
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By/s/Alan B. Perper
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President
Date: August 19, 1998
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EXHIBIT INDEX
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Exhibit Number Document Description Sequential
Page Number
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99.1 Text of Press Release dated
August 19, 1998 1
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FOR IMMEDIATE RELEASE
AUGUST 19, 1998
POINT WEST CAPITAL CORPORATION
ANNOUNCES $55 MILLION FINANCING
SAN FRANCISCO-(August 19, 1998) Point West Capital Corporation (Nasdaq
Symbol: PWCC) today announced that its majority-owned affiliate, Allegiance
Capital, LLC, obtained a structured financing arrangement which will provide up
to approximately $55 million of funding to support Allegiance's lending
activities to funeral home and cemetery owners.
Mike McDermitt, Allegiance's President, stated that "a consortium of
insurance companies and other financial institutions will provide non-recourse
revolving and term financing to Allegiance." The financing contemplates the
issuance of various tranches of investment grade and below investment grade
rated revolving and term certificates. Mr. McDermitt further stated that, "with
this transaction, Allegiance is positioned to provide substantial amounts of
debt financing to the death care industry. Given our independent status and
industry specific focus and expertise, Allegiance should be an attractive lender
for the independent owner seeking long term cash flow based financing."
Dan Isard, Allegiance's Vice President of Marketing and a recognized
figure within the death care industry, commented that "we are excited about this
transaction. It will significantly improve our ability to respond to the strong
demand we have seen."
<PAGE>
Alan Perper, Point West's President, commented that "we are pleased
with the confidence in us demonstrated by the investment community and we look
forward to growing Allegiance."
Allegiance Capital provides long-term financing to owners of funeral
home and cemetery businesses nationwide. Loan proceeds are used for a variety of
purposes, such as acquisitions, business transfers, buyouts on shareholder
retirement, debt consolidations, expansions and improvements.
This announcement includes forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. All statements
made herein which are not based on historical facts are forward looking and,
accordingly, involve risks and uncertainties that could cause actual results to
differ from those discussed. Such forward looking statements include those
relating to the issuance and ratings of term certificates and the growth of
Allegiance. Such statements are made based on management's belief, judgment and
analysis as well as assumptions made by and information available to management
at the date hereof. Factors that could affect actual results to differ
materially from those contemplated by such forward looking statements include
the level of success of Allegiance in penetrating its market, increased
competition from traditional and new sources of funds to make loans to owners of
funeral homes and cemeteries, the performance characteristics of the loans made
by Allegiance and the ability to receive ratings on the term certificates.
(KEYWORD CALIFORNIA AND INDUSTRY KEYWORD: SPECIALTY FINANCE).
CONTACTS: ALLEGIANCE CAPITAL, LLC, SAN FRANCISCO.
Mike McDermitt, 415/394-5180
