SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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) March 15, 2000
FORD CREDIT AUTO OWNER TRUST 2000-A
(Ford Credit Auto Receivables Two L.P. - Originator)
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(Exact name of registrant as specified in its charter)
Delaware 333-82895 38-3295857
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(State or other juris- (Commission File (IRS Employer
diction of incorporation) Number) I.D. No.)
One American Road, Dearborn, Michigan 48121
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 313-322-3000
<PAGE>
Item 5. Other Events
Ford Credit Auto Owner Trust 2000-A intends to issue Class A-1 Notes,
Class A-2 Notes, Class A-3 Notes, Class A-4 Notes, Class A-5 Notes, Class B
Notes, Class C Certificates and Class D Certificates (the "Securities") in the
aggregate principal amounts of $155,000,000, $377,000,000, $1,000,000,000,
$975,000,000, $171,480,000, $99,200,000, $56,690,000 and $56,690,000,
respectively. It is expected that the Class A-3 Notes, Class A-4 Notes, Class
A-5 Notes, Class B Notes and Class C Certificates (the "Underwritten
Securities")will be issued pursuant to Registration Statement No. 333-82895
registered on Form S-3 (the "Registration Statement").
In connection with the expected sale of the Underwritten Securities,
the Registrant has been advised by Lehman Brothers Inc., as representative of
the several underwriters ("Lehman"), that Lehman has furnished to prospective
investors certain term sheets (the "Series Term Sheets") with respect to the
Underwritten Securities following the effective date of the Registration
Statement, which Series Term Sheets are being filed as an exhibit to this
report.
The Series Term Sheets filed herewith as Exhibit 99.1 have been
provided by Lehman. The information in the Series Term Sheets is preliminary and
may be superseded by the Prospectus Supplement relating to the Securities and by
any other information subsequently filed with the Securities and Exchange
Commission.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
Designation Description Method of Filing
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Exhibit 99.1 Information about the offering Filed with this Report
SIGNATURE
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 on the date indicated.
Ford Credit Auto Receivables Two L.P.
(Registrant)
By: Ford Credit Auto Receivables
Two, Inc., General Partner
Date: March 15, 2000 By: /s/ R. P. Conrad
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Assistant Secretary
<PAGE>
EXHIBIT INDEX
Designation Description Method of Filing
- ----------- ----------- ----------------
Exhibit 99.1 Information about the offering Filed with this Report
<PAGE>
Exhibit 99.1
Ford Credit Auto Owner Trust 2000-A
I. Offer Details
Issuer: Ford Credit Auto Owner Trust 2000-A
Issue Size: US$ 2.89 Billion
Tranches:
Expected Settlement: March 23, 2000
Seller: Ford Credit Auto Receivables Two L.P.
Servicer: Ford Motor Credit Company
Underlying Collateral: Retail installment sale contracts secured by new and
used automobiles and light-duty trucks.
Joint Lead Managers: Lehman Brothers Goldman Sachs
II. Tranches
Issuer: Ford Credit Auto Owner Trust 2000-A
Tranche Name: Class A-3 Notes (Senior)
Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
Tranche Size: US$ 1 Billion
Price Talk: Market
Benchmark: EDSF
Expected WAL/MDUR: 0.88/0.82 * Using pricing speed of 1.500% ABS with a
10.000% clean-up call
Expected Principal Payment Window: 13 months
Expected Final Payment Date: 08/15/2001
Expected ERISA Eligibility: Yes
Co-Managers: Chase Securities Inc., Merrill Lynch & Co., The Williams Capital
Group, L.P.
<PAGE>
Issuer: Ford Credit Auto Owner Trust 2000-A
Tranche Name: Class A-4 Notes (Senior)
Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
Tranche Size: US$ 975 Million
Price Talk: Market
Benchmark: TSY TBD
Expected WAL/MDUR: 2.00/1.80 * Using pricing speed of 1.500% ABS with a 10.000%
clean-up call
Expected Principal Payment Window: 18 months
Expected Final Payment Date: 01/15/2003
Expected ERISA Eligibility: Yes
Co-Managers: Chase Securities Inc., Merrill Lynch & Co., The Williams Capital
Group, L.P.
Issuer: Ford Credit Auto Owner Trust 2000-A
Tranche Name: Class A-5 Notes (Senior)
Ratings: Aaa/AAA/AAA (Moody's/S&P/Fitch)
Tranche Size: US$ 171.48 Million
Price Talk: Market
Benchmark: TSY TBD
Expected WAL/MDUR: 2.93/2.55 * Using pricing speed of 1.500% ABS with a 10.000%
clean-up call
Expected Principal Payment Window: 3 months
Expected Final Payment Date: 03/15/2003
Expected ERISA Eligibility: Yes
Co-Managers: Chase Securities Inc., Merrill Lynch & Co., The Williams Capital
Group, L.P.
Issuer: Ford Credit Auto Owner Trust 2000-A
Tranche Name: Class B Certificates (Subordinate)
Ratings: A2/A/A (Moody's/S&P/Fitch)
Tranche Size: US$ 99.20 Million
Price Talk: Market
Benchmark: TSY TBD
Expected WAL/MDUR: 2.98/2.58 * Using pricing speed of 1.500% ABS with a
10.000% clean-up call
Expected Principal Payment Window: 1 months
Expected Final Payment Date: 03/15/2003
Expected ERISA Eligibility: Yes
Issuer: Ford Credit Auto Owner Trust 2000-A
Tranche Name: Class C Certificates (Subordinate)
Ratings: Baa3/BBB/BBB+ (Moody's/S&P/Fitch)
Tranche Size: US$ 56.69 Million
Price Talk: Market
Benchmark: TSY TBD
Expected WAL/MDUR: 2.98/2.56 * Using pricing speed of 1.500% ABS with a 10.000%
clean-up call
Expected Principal Payment Window: 1 months
Expected Final Payment Date: 03/15/2003
Expected ERISA Eligibility: No
<PAGE>
$2,302,370,000
Ford Credit Auto Owner Trust 2000-A
$1,000,000,000 ___% Class A-3 Asset Backed Notes
$975,000,000 ___% Class A-4 Asset Backed Notes
$171,480,000 ___% Class A-5 Asset Backed Notes
$99,200,000 ___% Class B Asset Backed Notes
$56,690,000 ___% Class C Asset Backed Certificates
Ford Credit Auto Receivables Two L.P. (Seller)
Ford Motor Credit Company (Servicer)
<TABLE>
<CAPTION>
Offered Securities:
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Expected
Expected Principal Expected Expected Interest
Class Benchmark WAL/MDUR Payment Final Legal Ratings ERISA Accrual
Size ($mm) Index Pricing Speed To Window Payment Final Date (Moody's/ Eligibility Method
(%) Call* (months) Date S&P/Fitch)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-3 $1,000.00 EDSF 0.88/0.82 13 months 8/15/01 6/17/02 Aaa/AAA/AAA Yes 30/360
Senior (35.28%) (5-17)
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Class A-4 $975.00 TSY tbd 2.00/1.80 18 months 1/15/03 11/17/03 Aaa/AAA/AAA Yes 30/360
Senior (34.40%) (17-34)
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Class A-5 $171.48 TSY tbd 2.93/2.55 3 months 3/15/03 3/15/04 Aaa/AAA/AAA Yes 30/360
Senior (6.05%) (34-36)
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Class B $99.20 TSY tbd 2.98/2.58 1 month 3/15/03 7/15/04 A2/A/A Yes 30/360
Subordinate (3.5%) (36)
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Class C $56.69 TSY tbd 2.98/2.56 1 month 3/15/03 9/15/04 Baa3/BBB/BBB+ No 30/360
Subordinate (2.00%) (36)
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</TABLE>
* Structured using 1.5% ABS with a 10% Clean-up Call
Transaction Structure
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Class A1 Notes - 5.47% Underlying Collateral: Retail installment sale
Class A2 Notes - 13.30% contracts secured by new and used automobiles
Class A3 Notes - 35.28% and light-duty trucks.
Class A4 Notes - 34.40%
Class A5 Notes - 6.05%
Class B Notes - 3.50%
Class C Certificates - 2.00%
Class D Certificates - 2.00%
Overcollateralization and
Reserve Account
Excess Spread
While Lehman Brothers Inc. ("Lehman") uses reasonable efforts to obtain
information from reliable sources, Lehman makes no representations or
warranties as to the accuracy, reliability or completeness of any information or
document at this site. Opinions and any other contents at this site are
subject to change without notice. Lehman is not utilizing this site to
provide investment or other advice to you or any other party, and no
information or material at this site is to be relied upon for the purpose of
making or communicating investment or other decisions.
