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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
July 7, 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)
Maryland 0-23089 95-4648345
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State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
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 July 7, 1999, Imperial Credit Commercial Mortgage Investment Corp. (the
"Registrant") issued a press release announcing that it had terminated its $300
million warehouse line and resold certain mortgage loans to affiliates. 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 July 7, 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: July 7, 1999
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EXHIBIT INDEX
Exhibit
No. Description
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99.1 Press release of the Registrant dated July 7, 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. TERMINATES $300 MILLION WAREHOUSE LINE AND
RESELLS MORTGAGE LOANS TO AFFILIATES
LOS ANGELES, CALIFORNIA, July 7, 1999. Imperial Credit Commercial Mortgage
Investment Corp. (Nasdaq: ICMI) today reported that on June 29, 1999 the Company
terminated the $300 million warehouse line of credit previously provided to it
by an affiliate of Prudential Securities Incorporated. The Company's financial
position at June 30, 1999 reflects strong liquidity with no outstanding short-
term borrowings. By terminating the warehouse line of credit prior to June 30,
1999, the Company avoided incurring certain fees which would otherwise have been
payable.
The Company also announced that it had resold during the second quarter ended
June 30, 1999 certain mortgage loans back to Southern Pacific Bank ("SPB") and
Franchise Mortgage Acceptance Company ("FMAC," Nasdaq: FMAX), affiliated
companies from which the Company originally had acquired such loans. As of March
31, 1999, the Company had 172 mortgage loans with an outstanding principal
balance of approximately $56.6 million that it had previously acquired from SPB
and 20 mortgage loans with an outstanding principal balance of approximately
$27.8 million that it had previously acquired from FMAC, all of which were
excluded from the Company's securitization transaction that closed in March of
this year. As of June 30, 1999, as a result of resales to SPB and FMAC, sales to
third parties and loan payoffs in the ordinary course of business, the Company
had 27 SPB mortgage loans with an outstanding principal balance of approximately
$6.7 million and two FMAC mortgage loans with an outstanding principal balance
of approximately $3.9 million. The Company anticipates that during the third
quarter it will sell 17 of the remaining SPB mortgage loans with a principal
balance of approximately $4.8 million either back to SPB or to Imperial Credit
Industries, Inc. (Nasdaq: ICII) and the two remaining FMAC mortgage loans back
to FMAC.
Imperial Credit Commercial Mortgage Investment Corp. is a publicly traded real
estate investment trust that invests primarily in multifamily and commercial
mortgage 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. SPB and FMAC are
affiliates 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
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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,
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"), periodic
reports on Forms 10-Q, 8-K and 10-K and any amendments with respect thereto
filed with the SEC, and other filings made by the Company with the SEC.
For further information, please contact Michael Meltzer, Chief Financial
Officer, at (310) 231-5906.
