================================================================================
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 28, 1998
IMC Securities, Inc.
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Delaware 333-48429-03 59-3284026
- ---------------------------- ------------------------ ------------------
(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa, Florida 33617-2362
- ----------------------- ----------
(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (813) 984-8801
--------------
-------------------------------------------------------------
(Former name or former address, if changed since last report)
================================================================================
<PAGE>
Item 5. Other Events.
In connection with the offering of IMC Home Equity Loan
Pass-Through Certificates, Series 1998-5, described in a Prospectus Supplement
to be dated as of August 27, 1998, certain additional "Computational Materials"
within the meaning of the May 20, 1994 Kidder, Peabody No-Action Letter and the
February 17, 1995 Public Securities Association No-Action Letter were furnished
to certain prospective investors (the "Related Computational Materials") on
August 28, 1998.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
99.1 Additional Related Computational Materials furnished by
Nomura Securities International, Inc.
<PAGE>
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.
IMC SECURITIES, INC. as
Depositor
By: /s/ Thomas Middleton
----------------------------------
Name: Thomas Middleton
Title: President and Chief Operating Officer
Dated: August 28, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
99.1 Additional Related Computational Materials furnished by Nomura
Securities International, Inc.
</TABLE>
Exhibit 99.1
IMCH9805,A3--Price/Yield
IMCH985A3
Face=$77,267,000.00
Settle at Pricing
At Pricing
Coupon 6.200000
Factor 1.000000
Accrual begins 19980901
<TABLE>
<CAPTION>
Price 0PPC 50PPC 75PPC 100PPC 125PPC 150PPC 175PPC
Yield
<S> <C> <C> <C> <C> <C> <C> <C>
100-06 6.2296 6.1789 6.1347 6.0877 6.0367 5.9926 5.9488
100-06+ 6.2280 6.1758 6.1303 6.0818 6.0293 5.9839 5.9387
100-07 6.2265 6.1727 6.1258 6.0760 6.0220 5.9752 5.9287
100-07+ 6.2249 6.1696 6.1214 6.0701 6.0146 5.9665 5.9187
100-08 6.2234 6.1666 6.1170 6.0643 6.0072 5.9577 5.9086
100-08+ 6.2218 6.1635 6.1126 6.0585 5.9998 5.9490 5.8986
100-09 6.2203 6.1604 6.1082 6.0526 5.9924 5.9403 5.8885
100-09+ 6.2187 6.1573 6.1037 6.0468 5.9850 5.9316 5.8785
100-10 6.2172 6.1542 6.0993 6.0409 5.9777 5.9229 5.8685
100-10+ 6.2157 6.1512 6.0949 6.0351 5.9703 5.9142 5.8584
100-11 6.2141 6.1481 6.0905 6.0293 5.9629 5.9055 5.8484
100-11+ 6.2126 6.1450 6.0861 6.0234 5.9555 5.8968 5.8384
100-12 6.2110 6.1419 6.0817 6.0176 5.9482 5.8881 5.8283
100-12+ 6.2095 6.1389 6.0773 6.0118 5.9408 5.8794 5.8183
100-13 6.2079 6.1358 6.0729 6.0059 5.9334 5.8707 5.8083
100-13+ 6.2064 6.1327 6.0684 6.0001 5.9261 5.8620 5.7983
100-14 6.2049 6.1296 6.0640 5.9943 5.9187 5.8533 5.7883
100-14+ 6.2033 6.1266 6.0596 5.9885 5.9113 5.8446 5.7783
100-15 6.2018 6.1235 6.0552 5.9826 5.9040 5.8359 5.7682
100-15+ 6.2002 6.1204 6.0508 5.9768 5.8966 5.8272 5.7582
100-16 6.1987 6.1174 6.0464 5.9710 5.8893 5.8185 5.7482
100-16+ 6.1972 6.1143 6.0420 5.9652 5.8819 5.8098 5.7382
100-17 6.1956 6.1112 6.0376 5.9593 5.8745 5.8011 5.7282
100-17+ 6.1941 6.1081 6.0332 5.9535 5.8672 5.7925 5.7182
100-18 6.1925 6.1051 6.0288 5.9477 5.8598 5.7838 5.7082
100-18+ 6.1910 6.1020 6.0244 5.9419 5.8525 5.7751 5.6982
100-19 6.1895 6.0989 6.0200 5.9361 5.8451 5.7664 5.6882
100-19+ 6.1879 6.0959 6.0156 5.9303 5.8378 5.7577 5.6782
100-20 6.1864 6.0928 6.0112 5.9244 5.8304 5.7491 5.6682
100-20+ 6.1849 6.0897 6.0068 5.9186 5.8231 5.7404 5.6582
100-21 6.1833 6.0867 6.0024 5.9128 5.8157 5.7317 5.6482
100-21+ 6.1818 6.0836 5.9980 5.9070 5.8084 5.7230 5.6383
100-22 6.1802 6.0806 5.9936 5.9012 5.8011 5.7144 5.6283
100-22+ 6.1787 6.0775 5.9892 5.8954 5.7937 5.7057 5.6183
100-23 6.1772 6.0744 5.9848 5.8896 5.7864 5.6971 5.6083
100-23+ 6.1756 6.0714 5.9804 5.8838 5.7790 5.6884 5.5983
100-24 6.1741 6.0683 5.9760 5.8780 5.7717 5.6797 5.5884
100-24+ 6.1726 6.0653 5.9717 5.8722 5.7644 5.6711 5.5784
100-25 6.1710 6.0622 5.9673 5.8664 5.7570 5.6624 5.5684
100-25+ 6.1695 6.0591 5.9629 5.8606 5.7497 5.6538 5.5585
100-26 6.1680 6.0561 5.9585 5.8548 5.7424 5.6451 5.5485
WAL 16.55 6.30 4.10 3.00 2.32 1.94 1.67
Mod Durn 10.080 5.056 3.524 2.666 2.109 1.787 1.551
Mod Convexity 1.357 0.300 0.139 0.078 0.048 0.034 0.026
Principal Window Jul13 to Sep19 Mar03 to Nov07 Oct01 to Apr04 Jan01 to Sep02 Aug00 to Jun01 Apr00 to Dec00 Feb00 to Aug00
Maturity #mos 252 110 67 48 33 27 23
Prepay At 0 PPC At 50 PPC At 75 PPC At 100 PPC At 125 PPC At 150 PPC At 175 PPC
Default
Loss Severity
Servicer advances
Recovery Lag
Delinquency rate
Optional Redemption
LIBOR_1MO 5.625 5.625 5.625 5.625 5.625 5.625 5.625
</TABLE>
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc.
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMCH9805,A4--Price/Yield
IMCH985A4
Face=$54,546,000.00
Settle at Pricing
At Pricing
Coupon 6.230000
Factor 1.000000
Accrual begins 19980901
<TABLE>
<CAPTION>
Price 0PPC 50PPC 75PPC 100PPC 125PPC 150PPC 175PPC
Yield
<S> <C> <C> <C> <C> <C> <C> <C>
100-06 6.2696 6.2491 6.2272 6.1957 6.1540 6.0927 6.0573
100-06+ 6.2683 6.2472 6.2247 6.1922 6.1493 6.0861 6.0496
100-07 6.2671 6.2453 6.2222 6.1887 6.1445 6.0795 6.0419
100-07+ 6.2658 6.2434 6.2196 6.1852 6.1397 6.0729 6.0342
100-08 6.2645 6.2415 6.2171 6.1817 6.1350 6.0663 6.0266
100-08+ 6.2633 6.2397 6.2145 6.1782 6.1302 6.0597 6.0189
100-09 6.2620 6.2378 6.2120 6.1747 6.1255 6.0531 6.0112
100-09+ 6.2607 6.2359 6.2095 6.1712 6.1207 6.0465 6.0036
100-10 6.2595 6.2340 6.2069 6.1677 6.1160 6.0399 5.9959
100-10+ 6.2582 6.2321 6.2044 6.1643 6.1113 6.0333 5.9882
100-11 6.2570 6.2302 6.2019 6.1608 6.1065 6.0267 5.9806
100-11+ 6.2557 6.2284 6.1993 6.1573 6.1018 6.0202 5.9729
100-12 6.2544 6.2265 6.1968 6.1538 6.0970 6.0136 5.9653
100-12+ 6.2532 6.2246 6.1942 6.1503 6.0923 6.0070 5.9576
100-13 6.2519 6.2227 6.1917 6.1468 6.0875 6.0004 5.9499
100-13+ 6.2507 6.2209 6.1892 6.1433 6.0828 5.9938 5.9423
100-14 6.2494 6.2190 6.1866 6.1399 6.0781 5.9872 5.9346
100-14+ 6.2482 6.2171 6.1841 6.1364 6.0733 5.9806 5.9270
100-15 6.2469 6.2152 6.1816 6.1329 6.0686 5.9740 5.9193
100-15+ 6.2456 6.2134 6.1790 6.1294 6.0638 5.9675 5.9117
100-16 6.2444 6.2115 6.1765 6.1259 6.0591 5.9609 5.9041
100-16+ 6.2431 6.2096 6.1740 6.1224 6.0544 5.9543 5.8964
100-17 6.2419 6.2077 6.1715 6.1190 6.0496 5.9477 5.8888
100-17+ 6.2406 6.2059 6.1689 6.1155 6.0449 5.9412 5.8811
100-18 6.2394 6.2040 6.1664 6.1120 6.0402 5.9346 5.8735
100-18+ 6.2381 6.2021 6.1639 6.1085 6.0354 5.9280 5.8658
100-19 6.2368 6.2002 6.1613 6.1050 6.0307 5.9214 5.8582
100-19+ 6.2356 6.1984 6.1588 6.1016 6.0260 5.9149 5.8506
100-20 6.2343 6.1965 6.1563 6.0981 6.0213 5.9083 5.8429
100-20+ 6.2331 6.1946 6.1537 6.0946 6.0165 5.9017 5.8353
100-21 6.2318 6.1927 6.1512 6.0911 6.0118 5.8952 5.8277
100-21+ 6.2306 6.1909 6.1487 6.0877 6.0071 5.8886 5.8201
100-22 6.2293 6.1890 6.1462 6.0842 6.0024 5.8820 5.8124
100-22+ 6.2281 6.1871 6.1436 6.0807 5.9976 5.8755 5.8048
100-23 6.2268 6.1853 6.1411 6.0772 5.9929 5.8689 5.7972
100-23+ 6.2256 6.1834 6.1386 6.0738 5.9882 5.8624 5.7896
100-24 6.2243 6.1815 6.1361 6.0703 5.9835 5.8558 5.7819
100-24+ 6.2231 6.1797 6.1335 6.0668 5.9787 5.8492 5.7743
100-25 6.2218 6.1778 6.1310 6.0634 5.9740 5.8427 5.7667
100-25+ 6.2206 6.1759 6.1285 6.0599 5.9693 5.8361 5.7591
100-26 6.2193 6.1740 6.1260 6.0564 5.9646 5.8296 5.7515
WAL 24.85 12.14 8.07 5.41 3.79 2.62 2.23
Mod Durn 12.350 8.278 6.131 4.459 3.278 2.360 2.031
Mod Convexity 2.248 0.866 0.456 0.229 0.121 0.060 0.044
Principal Window Sep19 to Jul26 Nov07 to Jul13 Apr04 to May10 Sep02 to Feb07 Jun01 to Dec03 Dec00 to Aug01 Aug00 to Mar01
Maturity #mos 334 178 140 101 63 35 30
Prepay At 0 PPC At 50 PPC At 75 PPC At 100 PPC At 125 PPC At 150 PPC At 175 PPC
Default
Loss Severity
Servicer advances
Recovery Lag
Delinquency rate
Optional
Redemption
LIBOR_1MO 5.625 5.625 5.625 5.625 5.625 5.625 5.625
</TABLE>
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc.
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
<PAGE>
IMCH9805,A4--Price/Yield
IMCH985A4
Face=$54,546,000.00
Settle at Pricing
At Pricing
Coupon 6.290000
Factor 1.000000
Accrual begins 19980901
<TABLE>
<CAPTION>
Price 10CPR 14CPR 18CPR 20CPR 24CPR 28CPR 30CPR 35CPR 40CPR
Yield
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99-22 6.3709 6.3705 6.3699 6.3695 6.3687 6.3675 6.3668 6.3647 6.3633
99-22+ 6.3691 6.3684 6.3674 6.3667 6.3651 6.3630 6.3616 6.3577 6.3553
99-23 6.3674 6.3664 6.3648 6.3638 6.3615 6.3585 6.3564 6.3508 6.3473
99-23+ 6.3656 6.3643 6.3622 6.3610 6.3579 6.3539 6.3513 6.3439 6.3393
99-24 6.3638 6.3623 6.3597 6.3581 6.3543 6.3494 6.3461 6.3370 6.3312
99-24+ 6.3621 6.3602 6.3571 6.3552 6.3507 6.3449 6.3409 6.3301 6.3232
99-25 6.3603 6.3581 6.3546 6.3524 6.3471 6.3404 6.3358 6.3232 6.3152
99-25+ 6.3586 6.3561 6.3520 6.3495 6.3436 6.3358 6.3306 6.3163 6.3072
99-26 6.3568 6.3540 6.3494 6.3467 6.3400 6.3313 6.3255 6.3094 6.2992
99-26+ 6.3550 6.3520 6.3469 6.3438 6.3364 6.3268 6.3203 6.3025 6.2912
99-27 6.3533 6.3499 6.3443 6.3409 6.3328 6.3223 6.3151 6.2956 6.2832
99-27+ 6.3515 6.3478 6.3418 6.3381 6.3292 6.3177 6.3100 6.2887 6.2751
99-28 6.3498 6.3458 6.3392 6.3352 6.3256 6.3132 6.3048 6.2818 6.2671
99-28+ 6.3480 6.3437 6.3367 6.3324 6.3221 6.3087 6.2997 6.2749 6.2591
99-29 6.3462 6.3417 6.3341 6.3295 6.3185 6.3042 6.2945 6.2680 6.2511
99-29+ 6.3445 6.3396 6.3316 6.3267 6.3149 6.2997 6.2894 6.2612 6.2431
99-30 6.3427 6.3376 6.3290 6.3238 6.3113 6.2952 6.2842 6.2543 6.2351
99-30+ 6.3410 6.3355 6.3265 6.3210 6.3078 6.2906 6.2791 6.2474 6.2271
99-31 6.3392 6.3334 6.3239 6.3181 6.3042 6.2861 6.2739 6.2405 6.2191
99-31+ 6.3375 6.3314 6.3214 6.3153 6.3006 6.2816 6.2688 6.2336 6.2112
100-00 6.3357 6.3293 6.3188 6.3124 6.2970 6.2771 6.2636 6.2267 6.2032
100-00+ 6.3340 6.3273 6.3163 6.3096 6.2934 6.2726 6.2585 6.2198 6.1952
100-01 6.3322 6.3252 6.3137 6.3067 6.2899 6.2681 6.2533 6.2130 6.1872
100-01+ 6.3305 6.3232 6.3112 6.3039 6.2863 6.2636 6.2482 6.2061 6.1792
100-02 6.3287 6.3211 6.3086 6.3010 6.2827 6.2590 6.2431 6.1992 6.1712
100-02+ 6.3269 6.3191 6.3061 6.2982 6.2792 6.2545 6.2379 6.1923 6.1632
100-03 6.3252 6.3170 6.3035 6.2953 6.2756 6.2500 6.2328 6.1854 6.1552
100-03+ 6.3234 6.3150 6.3010 6.2925 6.2720 6.2455 6.2276 6.1786 6.1473
100-04 6.3217 6.3129 6.2984 6.2896 6.2684 6.2410 6.2225 6.1717 6.1393
100-04+ 6.3199 6.3109 6.2959 6.2868 6.2649 6.2365 6.2174 6.1648 6.1313
100-05 6.3182 6.3088 6.2933 6.2839 6.2613 6.2320 6.2122 6.1580 6.1233
100-05+ 6.3164 6.3068 6.2908 6.2811 6.2577 6.2275 6.2071 6.1511 6.1154
100-06 6.3147 6.3047 6.2882 6.2782 6.2542 6.2230 6.2019 6.1442 6.1074
100-06+ 6.3129 6.3027 6.2857 6.2754 6.2506 6.2185 6.1968 6.1374 6.0994
100-07 6.3112 6.3006 6.2832 6.2725 6.2470 6.2140 6.1917 6.1305 6.0914
100-07+ 6.3094 6.2986 6.2806 6.2697 6.2435 6.2095 6.1865 6.1236 6.0835
100-08 6.3077 6.2965 6.2781 6.2669 6.2399 6.2050 6.1814 6.1168 6.0755
100-08+ 6.3059 6.2945 6.2755 6.2640 6.2363 6.2005 6.1763 6.1099 6.0675
100-09 6.3042 6.2924 6.2730 6.2612 6.2328 6.1960 6.1712 6.1030 6.0596
100-09+ 6.3024 6.2904 6.2704 6.2583 6.2292 6.1915 6.1660 6.0962 6.0516
100-10 6.3007 6.2883 6.2679 6.2555 6.2257 6.1870 6.1609 6.0893 6.0437
WAL 13.60 10.81 8.09 7.02 5.30 4.04 3.48 2.52 2.14
Mod Durn 8.891 7.592 6.117 5.472 4.364 3.457 3.031 2.266 1.952
Mod Convexity 1.015 0.721 0.457 0.361 0.220 0.136 0.104 0.055 0.041
Principal Sep09 to Apr06 to Mar04 to Jul03 to Jul02 to Jun01 to Apr01 to Nov00 to Jul00 to
Window Nov13 Apr13 Jul10 May09 Mar07 Jun04 Sep03 Jul01 Feb01
Maturity #mos 182 175 142 128 102 69 60 34 29
Prepay At 10 CPR At 14 CPR At 18 CPR At 20 CPR At 24 CPR At 28 CPR At 30 CPR At 35 CPR At 40 CPR
Default
Loss Severity
Servicer
advances
Recovery Lag
Delinquency rate
Optional
Redemption
LIBOR_1MO 5.625 5.625 5.625 5.625 5.625 5.625 5.625 5.625 5.625
</TABLE>
- --------------------------------------------------------------------------------
[OBJECT OMITTED] Nomura Securities International, Inc.
6/17/98 -------------------------------------------------------------
ADDITIONAL INFORMATION IS AVAILABLE UPON REQUEST. The
______S-24 information contained herein is based on sources Nomura
Securities International, Inc. ("Nomura") believes to be
_______S-8 reliable. Nomura makes no representations or warranty such
information is accurate or complete. Nothing herein should be
considered an offer to sell or solicitation of an offer to
buy any securities. All information is hypothetical or
preliminary and subject to change. No such information should
be viewed as projections, forecast, predictions or opinions.
The same may be based on assumptions which may or may not be
accurate, and any such assumption may differ from actual
results. Prospective investors are advised to consult the
final prospectus, prospectus supplement, or private placement
memorandum in connection with their investments. Nomura and
its affiliates may have a position in the securities
discussed herein and may purchase or sell the same on a
principal basis, or as agent for another person. In addition,
Nomura and certain of its affiliates may have acted as an
underwriter of such securities, and may currently be
providing investment banking or other services to the issuers
of such securities and/or borrowers and their affiliates.
Copyrights 1995. Nomura Securities International,
Inc. Form No. 124
