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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)
August 27, 1998
IMC Securities, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 333-48429-03 59-3284026
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(State or Other Jurisdiction (Commission File Number) (I.R.S. Employer
of Incorporation) Identification No.)
5901 East Fowler Avenue
Tampa, Florida 33617-2362
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code (813) 984-8801
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(Former name or former address, if changed since last report)
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<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 27, 1998. In addition, attached hereto as Exhibit 8.1 is the tax opinion
which is to be incorporated by reference to the IMC Securities, Inc.
Registration Statement on Form S-3 (No. 333-48429) filed by the registrant in
connection with the offering of IMC Home Equity Loan Pass-Through Certificates,
Series 1998-5.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(a) Not applicable
(b) Not applicable
(c) Exhibits:
8.1 Tax Opinion of Arter & Hadden LLP
99.1 Additional Related Computational Materials furnished by
Deutsche Bank Securities, 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
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Name: Thomas Middleton
Title: President and Chief Operating Officer
Dated: August 27, 1998
<PAGE>
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Page No.
- ----------- ----------- --------
<S> <C> <C>
8.1 Tax Opinion of Arter & Hadden LLP
99.1 Additional Related Computational Materials furnished by Deutsche
Bank Securities, Inc.
</TABLE>
Exhibit 8.1
August 27, 1998
Re: IMC Securities, Inc.
Home Equity Loan Pass-Through Certificates, Series 1998-5
Registration Statement on Form S-3 No. 333-48429
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Ladies and Gentlemen:
We have acted as counsel to IMC Securities, Inc. in connection with the
preparation and filing of the registration statement on Form S-3 (such
registration statement, the "Registration Statement") filed with the Securities
and Exchange Commission pursuant to the Securities Act of 1933, as amended (the
"Act"), in respect of Home Equity Loan Pass-Through Certificates, Series 1998-5
(the "Certificates"). Our advice formed the basis for the description of federal
income tax consequences appearing under the heading "Federal Income Tax
Consequences" in the prospectus supplement contained in the Registration
Statement. Such description does not purport to discuss all possible federal
income tax consequences of an investment in Certificates but with respect to
those tax consequences which are discussed, it is our opinion that the
description is accurate. In addition, assuming (i) the REMIC elections are made,
(ii) the Pooling and Servicing Agreement is fully executed, delivered and
enforceable against the parties thereto in accordance with its terms, (iii) the
transaction described in the prospectus supplement is completed on substantially
the terms and conditions set forth therein, and (iv) continuing compliance with
the Pooling and Servicing Agreement, it is our opinion that, for federal income
tax purposes: the Lower-Tier REMIC and the Upper-Tier REMIC will each be treated
as a REMIC; the Class A, Class M-1, Class M-2 and Class B Certificates will be
treated as "regular interests" in the Upper-Tier REMIC; the Class R Certificates
will be the sole "residual interest" in the Upper-Tier REMIC; the Lower-Tier A-1
through A-6, M-1, M-2 and B Interests will each be treated as "regular
interests" in the Lower-Tier REMIC; and, the Lower-Tier REMIC Residual Class
will be the sole "residual interest" in the Lower-Tier REMIC.
We hereby consent to the filing of this letter as an Exhibit to the
Registration Statement and to the reference to this firm in the Registration
Statement and related prospectus supplement under the heading "Federal Income
Tax Consequences."
Very truly yours,
/s/ Arter & Hadden LLP
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Arter & Hadden LLP
Exhibit 99.1
Deutsche Bank Securities CMO Model
Price / Yield Report
<TABLE>
<CAPTION>
Bond Id : IMC 1998-5 PRICING B
Bond Name : B A
Original Balance : 20,000,000.00 Current Balance : 20,000,000.00
Original Coupon : 8.47000% Current Coupon : 8.470000%
Deal Description : IMC 985 Sr. Sub.
Orig. Cutoff Date : 9/1/98 Dated Date : 9/1/98
Settlement Date : 9/10/98 First Payment Date: 10/20/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y TSY05Y TSY10Y TSY30Y LIB01M SPEC
: 5.017 5.1230 5.2010 5.3050 5.2440 5.3150 5.3880 5.5380 5.6562 7.5000
Report Generated : Thu Aug 27 15:45:07 1998
PPC_0 PPC_50 PPC_75 PRICE PPC_125 PPC_150 PPC_175
<S> <C> <C> <C> <C> <C> <C> <C>
99-27 8.591 8.577 8.577 8.567 8.558 8.550 8.544
99-28 8.587 8.572 8.571 8.560 8.549 8.541 8.534
99-29 8.584 8.567 8.565 8.552 8.541 8.531 8.524
99-30 8.581 8.563 8.559 8.545 8.532 8.521 8.513
99-31 8.577 8.558 8.553 8.537 8.523 8.512 8.503
* 100-00 8.574 8.553 8.546 8.530 8.515 8.502 8.493
100-01 8.571 8.548 8.540 8.523 8.506 8.493 8.483
100-02 8.567 8.543 8.534 8.515 8.498 8.483 8.473
100-03 8.564 8.538 8.528 8.508 8.489 8.474 8.463
100-04 8.561 8.533 8.522 8.500 8.480 8.465 8.453
100-05 8.557 8.528 8.516 8.493 8.472 8.455 8.443
Ave. Life 20.869 10.027 7.350 5.605 4.617 4.057 3.755
Ave. Cashflow 14.660 8.026 6.207 4.876 4.071 3.596 3.335
Mod Dur 9.301 6.333 5.105 4.190 3.623 3.283 3.093
Window 7/13-7/27 9/03-5/15 3/02-1/13 10/01-9/09 10/01-6/07 11/01-11/05 11/01-8/04
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for he purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in ranking their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
<PAGE>
Deutsche Bank Securities CMO Model
Price / Yield Report
<TABLE>
<CAPTION>
Bond Id : IMC 1998-5 PRICING B
Bond Name : B A
Original Balance : 20,000,000.00 Current Balance : 20,000,000.00
Original Coupon : 8.470000% Current Coupon : 8.470000%
Deal Description : IMC 985 Sr.Sub.
Orig. Cutoff Date : 9/1/98 Dated Date : 9/1/98
Settlement Date : 9/10/98 First PaymentDate: 10/20/98
Market Levels : TSY03M TSY06M TSY01Y TSY02Y TSY03Y TSY05Y TSY10Y TSY30Y LIB01M SPEC
: 5.0170 5.1230 5.2010 5.3050 5.2440 5.3150 5.3880 5.5380 5.6562 7.5000
Report Generated : Thu Aug 27 15:45:50 1998
PPC_0 PPC_50 PPC_75 PRICE PPC_125 PPC_150 PPC_175
<S> <C> <C> <C> <C> <C> <C> <C>
99-27 8.590 8.575 8.562 8.549 8.538 8.529 8.524
99-28 8.586 8.570 8.556 8.542 8.529 8.519 8.513
99-29 8.583 8.565 8.550 8.534 8.520 8.510 8.503
99-30 8.579 8.560 8.544 8.526 8.511 8.500 8.493
99-31 8.576 8.555 8.537 8.519 8.502 8.490 8.482
* 100-00 8.573 8.550 8.531 8.511 8.493 8.480 8.472
100-01 8.569 8.545 8.525 8.503 8.485 8.470 8.461
100-02 8.566 8.540 8.519 8.496 8.476 8.460 8.451
100-03 8.563 8.535 8.512 8.488 8.467 8.451 8.441
100-04 8.559 8.530 8.506 8.480 8.458 8.441 8.430
100-05 8.556 8.525 8.500 8.473 8.449 8.431 8.420
Ave. Life 20.658 9.922 6.996 5.329 4.393 3.870 3.601
Ave. Cashflow 14.493 7.933 5.874 4.615 3.863 3.427 3.201
Mod Dur 9.279 6.304 4.973 4.062 3.502 3.171 2.993
Window 7/13-8/25 9/03-3/13 3/02-2/09 10/01-8/06 10/01-12/04 11/01-10/03 11/01-12/02
</TABLE>
This Structural Term Sheet, Collateral Term Sheet, or Computational Materials,
as appropriate (the "material"), was prepared solely by the Underwriter(s), is
privileged and confidential, is intended for use by the addressee only, and may
not be provided to any third party other than the addressee's legal, tax,
financial and/or accounting advisors for he purposes of evaluating such
information. Prospective investors are advised to read carefully, and should
rely solely on, the final prospectus and prospectus supplement (the "Final
Prospectus") related to the securities (the "Securities") in ranking their
investment decisions. This material does not include all relevant information
relating to the Securities described herein, particularly with respect to the
risk and special considerations associated with an investment in the Securities.
All information contained herein is preliminary and it is anticipated that such
information will change. Any information contained herein will be more fully
described in, and will be fully superseded by the preliminary prospectus
supplement, if applicable, and the Final Prospectus. Although the information
contained in the material is based on sources the Underwriter(s) believe(s) to
be reliable, the Underwriter(s) make(s) no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions, or opinions with respect to value. Prior to
making any investment decision, a prospective investor shall receive and fully
review the Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO
SELL OR SOLICITATION OF AN OFFER TO BUY ANY SECURITIES. The Underwriter(s) may
hold long or short positions in or buy and sell Securities or related securities
or perform for or solicit investment banking services from, any company
mentioned herein.
