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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) June 14, 2000
Saxon Asset Securities Company
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(Exact name of registrant as specified in charter)
Virginia 34-0-20552 54-1810895
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
4880 Cox Road, Glen Allen, Virginia 23060
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (804) 967-7400
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(Former name or former address, if changed since last report.)
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Item 1. Changes in Control of Registrant. Not Applicable.
Item 2. Acquisition or Disposition of Assets. Not Applicable.
Item 3. Bankruptcy or Receivership. Not Applicable.
Item 4. Changes in Registrant's Certifying Accountant. Not Applicable.
Item 5. Other Events.
On June 14, 2000, the Registrant caused the issuance and sale of
Mortgage Loan Asset Backed Certificates, Series 2000-2, pursuant to a Trust
Agreement dated as of June 1, 2000, among the Registrant, Saxon Mortgage, Inc.,
as Master Servicer, and Bankers Trust Company, as Trustee, and incorporating by
reference the February 2000 Edition of the Standard Terms to Trust Agreement
(the "Trust Agreement"). Capitalized terms used and not defined herein shall
have the meanings assigned to them in the Trust Agreement.
Certificates were issued with original principal amounts and pass-
through rates set forth below:
<TABLE>
<CAPTION>
Designation Pass-Through Rate Principal Balance
<S> <C> <C>
Class AF-1 Certificates Variable/(1)/ $124,170,000
Class AF-2 Certificates 7.965%/(1)/ $ 63,243,000
Class AF-3 Certificates 8.051%/(1)/ $ 74,120,000
Class AF-4 Certificates 8.234%/(1)/ $ 64,245,000
Class AF-5 Certificates 8.483%/(1)/ $ 52,732,000
Class AF-6 Certificates 7.971%/(1)/ $ 48,998,000
Class MF-1 Certificates 8.370%/(1)/ $ 26,949,000
Class MF-2 Certificates 8.664%/(1)/ $ 13,964,000
Class BF-1 Certificates 8.700%/(1)/ $ 12,005,000
Class BF-2 Certificates 8.700%/(1)/ $ 9,554,202
Class AV-1 Certificates Variable/(2)/ $209,767,000
Class MV-1 Certificates Variable/(2)/ $ 16,251,000
Class MV-2 Certificates Variable/(2)/ $ 12,000,000
Class BV-1 Certificates Variable/(2)/ $ 6,126,000
Class BV-2 Certificates Variable $ 5,875,798
Class A-I0 Certificates 6.00% /(3)/
Class PF-1 Certificates /(4)/ $ 50
Class PV-1 Certificates /(4)/ $ 50
Class C Certificates Variable /(3)/
Class R Certificates /(4)/ /(3)/
</TABLE>
/(1)/ Subject to a cap based on the Net Rate on the Fixed Rate Mortgage
Loans for the applicable Accrual Period.
/(2)/ Subject to a cap based on the Available Funds on the Adjustable Rate
Mortgage Loans for the applicable Accrual Period.
/(3)/ The Class A-I0, Class C and Class R Certificates do not have principal
balances.
/(4)/ The Class PF-1, Class PV-1 and Class R Certificates do not have an
interest rate.
The Certificates represent undivided ownership interest in pools of
mortgage loans (the "Mortgage Loans") held by a trust (the "Trust") created
pursuant to the Trust Agreement . The Mortgage Loans were acquired by the
Registrant from Saxon Mortgage, Inc. ("SMI"), an affiliate of the Registrant
which originated or acquired the Mortgage Loans from various mortgage banking
institutions. The Mortgage Loans are secured by liens on single family
residential properties, including investment properties (which may be
condominiums, one family residences, one to four family residences or homes in
planned unit
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developments). The Mortgage Loans will be serviced by Meritech Mortgage
Services, Inc., an affiliate of the Registrant.
The Class AF-1, Class AF-2, Class AF-3, Class AF-4, Class AF-5, Class
AF-6, Class MF-1, Class MF-2, Class BF-1, Class AV-1, Class MV-1, Class MV-2,
Class BV-1 and Class A-I0 Certificates were purchased by Banc of America
Securities LLC, Greenwich Capital Markets, Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Prudential Securities Incorporated, and Banc One Capital
Markets, Inc. (the "Underwriters"), from the Seller pursuant to an Underwriting
Agreement dated June 1, 2000, and offered pursuant to Registration Statement No.
333-35370 by the Underwriters from time to time in negotiated transactions or
otherwise, at varying prices to be determined at the time of sale.
Elections will be made to treat certain assets of the Trust as real
estate mortgage investment conduits ("REMICs") for federal income tax purposes.
Each Class of Certificates listed above (other than the Class R Certificates)
will constitute "regular interests" in the Issuing REMIC.
Item 6. Resignations of Registrant's Directors. Not Applicable.
Item 7. Financial Statements and Exhibits
(a) Financial statements of businesses acquired. Not Applicable.
(b) Pro forma financial information. Not Applicable.
(c) Exhibits
Exhibit 1. Underwriting Agreement dated June 1, 2000, among Saxon
Asset Securities Company, Saxon Mortgage Inc., Banc of America Securities LLC,
Greenwich Capital Markets, Inc., Merrill Lynch, Pierce, Fenner & Smith
Incorporated, Prudential Securities Incorporated, and Banc One Capital Markets,
Inc.
Exhibit 2. Trust Agreement dated June 1, 2000, among Saxon Asset
Securities Company, Saxon Mortgage, Inc., as Master Servicer, and Bankers Trust
Company, as Trustee.
Item 8. Change in Fiscal Year. Not Applicable.
Item 9. Sales of Equity Securities Pursuant to Regulation S. Not Applicable.
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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.
SAXON ASSET SECURITIES COMPANY
By: /s/ Bradley D. Adams
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Bradley D. Adams, Vice President
June 23, 2000
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INDEX TO EXHIBITS
1 Underwriting Agreement dated June 1, 2000, among Saxon Asset
Securities Company, Saxon Mortgage Inc., Banc of America Securities
LLC, Greenwich Capital Markets, Inc., Merrill Lynch, Pierce, Fenner &
Smith Incorporated, Prudential Securities Incorporated and Banc One
Capital Markets, Inc.
2 Trust Agreement dated June 1, 2000, among Saxon Asset Securities
Company, Saxon Mortgage, Inc., as Master Servicer, and Bankers Trust
Company, as Trustee.
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