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) August 20, 1996
---------------------------
FIRST UNION RESIDENTIAL SECURITIZATION TRANSACTIONS, INC.
Exact Name of Registrant as Specified in Its Charter)
North Carolina 333-3574 56-1967773
(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
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One First Union Center, 301 South College Street, Charlotte, North Carolina 28202
(Address of Principal Executive Offices) (ZIP Code)
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(704) 383-3624
(Registrant's Telephone Number, Including Area Code)
N/A
(Former Name or Former Address, if Changed Since Last Report)
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Item 5. Other Events.
On or about August 28, 1996, the Registrant will cause the issuance and
sale of approximately $157,259,000 initial principal amount of Home Equity Loan
Asset-Backed Certificates, Series 1996-1, Class A-1, Class A-2, Class A-3, Class
A-4, Class A-5, Class B and Class R (collectively, the "Certificates") pursuant
to a Pooling and Servicing agreement to be dated as of August 1, 1996, among the
Registrant, First Union National Bank of North Carolina, as seller and master
servicer, First Union National Bank of North Carolina, Trust Department, as
document custodian, and Norwest Bank Minnesota, National Association, as
trustee.
In connection with the sale of the Series 1996-1, Class A-1, Class A-2,
Class A-3, Class A-4 and Class A-5 Certificates (collectively, the "Underwritten
Certificates"), the Registrant has been advised by Lehman Brothers Inc.
("Lehman"), a Co-Underwriter with First Union Capital Markets Corp., that Lehman
has furnished to prospective investors certain material describing certain
characteristics of the Underwritten Certificates (the "Structural Terms Sheet")
following the effective date of Registration Statement No. 333-3974, which
Structural Terms Sheet is being filed as an exhibit to this report.
The Structural Terms Sheet has been provided to the Registrant by
Lehman. The information in the Structural Terms Sheet is preliminary and may be
superseded by the final Prospectus Supplement relating to the Certificates and
by any other information subsequently filed with the Securities and Exchange
Commission.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) FINANCIAL STATEMENTS.
Not applicable.
(b) PRO FORMA FINANCIAL INFORMATION
Not applicable
(c) EXHIBITS
EXHIBIT NO. DESCRIPTION
99 Structural Terms Sheet
2
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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 hereunto duly authorized.
FIRST UNION RESIDENTIAL SECURITIZATION
TRANSACTIONS, INC.
(Registrant)
By: /s/ Patrick J. Tadie
Name: Patrick J. Tadie
Title: Vice President
Date: August 26, 1996
3
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EXHIBIT INDEX
SEQUENTIALLY
EXHIBIT NO. DESCRIPTION NUMBERED PAGE
99 Structural Terms Sheet
LEHMAN BROTHERS
Securities Offered:
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To Maturity:
- -------------------------------------------------------------------------------------------------------------------------------
Approx. Estimated Estimated Expected Stated Expected
Approx. Expected WAL/MDUR Principal Final Final Ratings
Securities Size Benchmark Price (yrs) Pmt. Window Maturity Maturity (Moody's/S&P)
- -------------------------------------------------------------------------------------------------------------------------------
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Class A-1(1) $67,494,000 1 Yr Tsy 99.999% 1.08/1.00 27 months 11/25/98 11/25/09 Aaa/AAA
Class A-2(1) $34,672,000 3 Yr Tsy 100.000% 3.08/2.68 23 months 9/25/00 5/25/11 Aaa/AAA
Class A-3(1) $25,859,000 5 Yr Tsy 99.974% 5.15/4.15 29 months 1/25/03 5/25/11 Aaa/AAA
Class A-4(1) $11,764,000 7 Yr Tsy 99.983% 7.30/5.43 24 months 12/25/04 10/25/13 Aaa/AAA
Class A-5(1) $17,459,000 10 Yr Tsy 99.995% 11.19/7.19 102 months 5/25/13 9/25/27 Aaa/AAA
- -------------------------------------------------------------------------------------------------------------------------------
To 5% Call:
- -------------------------------------------------------------------------------------------------------------------------------
Approx. Estimated Estimated Expected Stated Expected
Approx. Expected WAL/MDUR Principal Final Final Ratings
Securities Size Benchmark Price (yrs) Pmt. Window Maturity Maturity (Moody's/S&P)
- -------------------------------------------------------------------------------------------------------------------------------
Class A-1(1) $67,494,000 1 Yr Tsy 99.999% 1.08/1.00 27 months 11/25/98 11/25/09 Aaa/AAA
Class A-2(1) $34,672,000 3 Yr Tsy 100.000% 3.08/2.68 23 months 9/25/00 5/25/11 Aaa/AAA
Class A-3(1) $25,859,000 5 Yr Tsy 99.974% 5.15/4.15 29 months 1/25/03 5/25/11 Aaa/AAA
Class A-4(1) $11,764,000 7 Yr Tsy 99.983% 7.30/5.43 24 months 12/25/04 10/25/13 Aaa/AAA
Class A-5(1) $17,459,000 10 Yr Tsy 99.995% 10.33/6.87 37 months 12/25/07 9/25/27 Aaa/AAA
- -------------------------------------------------------------------------------------------------------------------------------
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(1) Prepayments are sized at 105% of the prepayment assumption. A 100%
prepayment assumption assumes that prepayments start at 4% CPR in month one,
increase by 1.455% each month to 20% CPR by month 12, and remain at 20% CPR
thereafter.
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This information does not constitute either an offer to sell or a solicitation
of an offer to buy any of the securities referred to herein. Offers to sell and
solicitations of offers to buy the securities are made only by , and this
information must be read in conjunction with, the final Prospectus Supplement
and the related Prospectus or, if not registered under the securities laws, the
final Offering Memorandum (the "Offering Document"). Information contained
herein does not purport to complete and is subject to the same qualifications
and assumptions, and should be considered by investors only in the light of the
same warnings, lack of assurances and representations and other precautionary
matters, as disclosed in the Offering Document. Information regarding the
underlying assets has been provided by the issuer of the securities or an
affiliate thereof and has not been independently verified by Lehman Brothers
Inc. or any affiliate. The analyses contained herein have been prepared on the
basis of certain assumptions (including, in certain cases, assumptions specified
by the recipient hereof) regarding payments, interest rates, losses and other
matters, including, but not limited to, the assumptions described in the
Offering Document. Lehman Brothers Inc., and any of its affiliates, make no
representation or warranty as to the actual rate or timing of payments on any of
the underlying assets or the payments or yield on the securities. This
information supersedes any prior versions hereof and will be deemed to be
superseded by any subsequent versions (including, with respect to any
description of the securities or underlying assets, the information contained in
the Offering Document).
