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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
March 10, 1999
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Date of Report (Date of earliest event reported)
Imperial Credit Commercial Mortgage Investment Corp.
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(Exact name of registrant as specified in its charter)
<TABLE>
<S> <C> <C>
Maryland 000-23089 95-4648345
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
</TABLE>
11601 Wilshire Blvd., Suite 2080, Los Angeles, CA 90025
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(Address of principal executive offices) (Zip Code)
(310) 231-1280
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(Registrant's telephone number)
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Item 5. Other Events.
On March 10, 1999, Imperial Credit Commercial Mortgage Investment Corp.
(the "Registrant") issued a press release announcing the closing of a CMO bond
securitization and repayment in full of the existing warehouse line of credit. A
copy of the press release is attached as Exhibit 99.1 to this Form 8-K and is
incorporated herein by reference.
Item 7. Exhibit
Exhibit 99.1 Press release of the Registrant, dated March 10, 1999
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SIGNATURE
Pursuant to the requirements of the Securities and Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
By: /s/ MICHAEL MELTZER
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Michael Meltzer, Chief Financial Officer and Treasurer
Dated: March 11, 1999
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EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press release of the Registrant dated March 10, 1999
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[LOGO OF IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.]
FOR IMMEDIATE RELEASE EXHIBIT 99.1
IMPERIAL CREDIT COMMERCIAL MORTGAGE INVESTMENT CORP.
CLOSES CMO BOND SECURITIZATION AND
REPAYS EXISTING WAREHOUSE LINE OF CREDIT
LOS ANGELES, CALIFORNIA, March 10, 1999. Imperial Credit Commercial
Mortgage Investment Corp. (Nasdaq: ICMI) today announced the closing of a
securitization transaction whereby the Company's wholly-owned business trust,
ICCMAC Multifamily and Commercial Trust 1999-1, sold approximately $250 million
of collateralized mortgage bonds. The bonds are predominantly floating rate and
carry a cost of funds which approximates the cost on the Company's existing
warehouse line of credit. The bonds are collateralized by approximately $290
million of first mortgage loans which the Company had previously acquired from
Southern Pacific Bank, a wholly-owned subsidiary of Imperial Credit Industries,
Inc. (Nasdaq: ICII). At the closing of this transaction, the Company repaid in
full its warehouse line of credit with Morgan Guaranty Trust Company of New
York. The Company expects to complete the execution of a new $300 million
warehouse line of credit with a major investment bank in the near future. The
securitization was lead managed by J.P. Morgan Securities, Inc. and co-managed
by Prudential Securities and Imperial Capital, LLC, a subsidiary of Imperial
Credit Industries, Inc.
Mark S. Karlan, President and CEO of the Company, said "We are very
pleased to have successfully closed this securitization transaction and thereby
eliminated all of the Company's outstanding short-term debt. The Company's
total debt now consists of the CMO bonds, which provide match funding for the
underlying mortgage loan collateral, and certain first mortgages secured by real
property owned by the Company."
The following table provides the principal amounts and interest rates on
the several classes of floating rate CMO bonds sold as well as the amount of
proceeds and interest rate on the one fixed rate class of CMO bond sold:
<TABLE>
<CAPTION>
Class Principal Amount Interest Rate
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<C> <S> <C>
A-1 $100,000,000 LIBOR + 0.28%
A-2 $ 94,831,000 LIBOR + 0.42%
S $ 10,659,219(proceeds) 7.11% fixed rate
A-3 $ 17,447,000 LIBOR + 0.60%
B $ 11,631,000 LIBOR + 0.88%
C $ 14,539,000 LIBOR + 1.55%
</TABLE>
Imperial Credit Commercial Mortgage Investment Corp. is a publicly traded
real estate investment trust that invests primarily in multifamily and
commercial mortgage
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loans, real property and commercial mortgage-backed securities. The Company is
managed by Imperial Credit Commercial Asset Management Corp., a wholly-owned
subsidiary of Imperial Credit Industries, Inc.
Certain statements contained herein are "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the Securities Act
of 1934, as amended. These forward-looking statements may be identified by
reference to a future period(s) or by the use of forward-looking terminology,
such as "may," "will," "intend," "should," "expect," "anticipate," "estimate" or
"continue" or the negatives thereof or other comparable terminology. The
Company's actual results could differ materially from those anticipated in such
forward-looking statements due to a variety of factors, including, but not
limited to, changes in national, regional or local economic environments,
competitive products and pricing, government fiscal and monetary policies,
changes in prevailing interest rates, the course of negotiations, the
fulfillment of contractual conditions, factors inherent to the valuation and
pricing of interests in commercial mortgage-backed securities, other factors
generally understood to affect the real estate acquisition, mortgage and leasing
markets and security investments, and the other risks detailed in the Company's
Registration Statement on Form S-11, as amended, filed with the Securities and
Exchange Commission (the "SEC"), the Company's 1997 Annual Report on Form 10-K
filed with the SEC on March 31, 1998, the Company's Quarterly Reports on Form
10-Q filed with the SEC on May 15, 1998, August 14, 1998 and November 13, 1998,
the amendments with respect thereto and other filings made by the Company with
the SEC.
For further information, please contact Michael Meltzer, Chief Financial
Officer, at (310) 231-5906 or Karen Montandon, Investor Relations, at (310) 791-
8022.
