<PAGE>
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: November 25, 1998
(Date of earliest event reported)
Commission File No. 333-40113
Bombardier Capital Mortgage Securitization Corporation
-------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Vermont 03-0355080
- -------------------------- --------------------
(State of Incorporation) (I.R.S. Employer
Identification No.)
1600 Mountain View Drive, Colchester, VT 05446
- ----------------------------------------- -----------
Address of principal executive offices (Zip Code)
(802) 654-7200
----------------------------------------------------
Registrant's Telephone Number, including area code
- --------------------------------------------------------------------------------
(Former name, former address and former
fiscal year, if changed since last report)
Index to Exhibits is on Page 4
<PAGE>
ITEM 5. Other Events
Filing of Computational Materials
Exhibit 99.1 which attaches Computational Materials (as
defined in the no-action letter dated May 27, 1994 issued by the Securities and
Exchange Commission to the Public Securities Association) prepared by Credit
Suisse First Boston in connection with the offering of Bombardier Capital
Mortgage Securitization Corporation Senior/Subordinated Pass-Through
Certificates, Series 1998-C is attached hereto.
2
<PAGE>
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.
BOMBARDIER CAPITAL MORTGAGE
SECURITIZATION CORPORATION
November 25, 1998
By: /s/ James Dolan
--------------------------
Name: James Dolan
Title: Assistant Treasurer
3
<PAGE>
INDEX TO EXHIBITS
Exhibit No. Description
- ----------- -----------
99.1 Computational Materials
4
<PAGE>
Bombardier Manufactured Housing Contract Pass-Through Certificates,
Series 1998-C
Computational Materials
BOND PROFILE SUMMARY
---------------------------------------------------------------------------
Class Original Coupon Avg. CBE 1st Last Mod.
Name & Type Par % Life Yield Price Pay Pay Dur.
---------------------------------------------------------------------------
To Call:
A1 SENIOR 143,112,000 6.8600 6.07 6.900 99-31+ 12/98 2/16 4.26
M1 AA MEZZ 14,690,000 7.4000 11.18 7.481 99-30+ 12/03 2/16 7.08
M2 A SUB 10,426,000 7.8900 11.18 7.981 99-31 12/03 2/16 6.89
B1 BBB SUB 8,056,000 8.5000 11.18 9.730 92-27 12/03 2/16 6.42
B2 BB SUB 8,530,000 ------ 11.18 ----- ----- 12/03 2/16 ----
--------------------------
To Maturity:
A1 SENIOR 143,112,000 6.8600 6.34 6.901 99-31+ 12/98 4/24 4.33
M1 AA MEZZ 14,690,000 7.4000 11.79 7.482 99-30+ 12/03 9/22 7.22
M2 A SUB 10,426,000 7.8900 11.71 7.982 99-31 12/03 6/21 7.00
B1 BBB SUB 8,056,000 8.5000 11.49 9.720 92-27 12/03 7/19 6.47
B2 BB SUB 8,530,000 ------ 12.67 ----- ----- 12/03 10/25 ----
---------------------------------------------------------------------------
Note:
(1) Data assumes a prepayment speed of 160% MHP.
(2) Coupon and price are assumed for computational materials.
(3) B2 Certificates are not offered.
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON 1
<PAGE>
Bombardier Manufactured Housing Contract Pass-Through Certificates,
Series 1998-C
Computational Materials
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
A1 SENIOR
Price: 99-31+ Coupon: 6.8600 Original Par: 143,112,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 6.93 6.92 6.91 6.90 6.89 6.86
Average Life: 16.26 9.72 8.40 6.07 4.89 3.06
Duration: 8.69 5.98 5.39 4.26 3.62 2.50
First Prin Pay: 12/98 12/98 12/98 12/98 12/98 12/98
Last Prin Pay: 1/27 10/22 9/20 2/16 9/13 6/09
---------------------------
To Maturity:
Bond Yield: 6.93 6.92 6.91 6.90 6.89 6.86
Average Life: 16.32 9.92 8.65 6.34 5.13 3.18
Duration: 8.70 6.01 5.43 4.33 3.70 2.55
First Prin Pay: 12/98 12/98 12/98 12/98 12/98 12/98
Last Prin Pay: 6/28 8/27 1/27 4/24 12/21 5/16
-----------------------------------------------------------------------------
M1 AA MEZZ
Price: 99-30+ Coupon: 7.4000 Original Par: 14,690,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.49 7.49 7.49 7.48 7.48 7.47
Average Life: 23.65 16.42 14.41 11.18 10.14 8.36
Duration: 10.71 8.88 8.24 7.08 6.70 5.95
First Prin Pay: 10/15 11/06 6/05 12/03 12/03 2/04
Last Prin Pay: 1/27 10/22 9/20 2/16 9/13 6/09
---------------------------
To Maturity:
Bond Yield: 7.49 7.49 7.49 7.48 7.48 7.48
Average Life: 23.77 16.83 14.91 11.79 10.82 9.20
Duration: 10.72 8.94 8.32 7.22 6.88 6.27
First Prin Pay: 10/15 11/06 6/05 12/03 12/03 2/04
Last Prin Pay: 4/28 12/26 1/26 9/22 5/20 9/15
-----------------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON 2
<PAGE>
Bombardier Manufactured Housing Contract Pass-Through Certificates,
Series 1998-C
Computational Materials
BOND PROFILE SUMMARY
-----------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
-----------------------------------------------------------------------------
M2 A SUB
Price: 99-31 Coupon: 7.8900 Original Par: 10,426,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 7.99 7.99 7.99 7.98 7.98 7.97
Average Life: 23.65 16.42 14.41 11.18 10.14 8.36
Duration: 10.26 8.58 7.98 6.89 6.53 5.82
First Prin Pay: 10/15 11/06 6/05 12/03 12/03 2/04
Last Prin Pay: 1/27 10/22 9/20 2/16 9/13 6/09
---------------------------
To Maturity:
Bond Yield: 7.99 7.99 7.99 7.98 7.98 7.98
Average Life: 23.76 16.78 14.85 11.71 10.74 9.14
Duration: 10.27 8.63 8.05 7.00 6.69 6.11
First Prin Pay: 10/15 11/06 6/05 12/03 12/03 2/04
Last Prin Pay: 2/28 5/26 2/25 6/21 2/19 11/14
-----------------------------------------------------------------------------
B1 BBB SUB
Price: 92-27 Coupon: 8.5000 Original Par: 8,056,000
-----------------------------------------------------------------------------
To Call:
Bond Yield: 9.39 9.53 9.59 9.73 9.78 9.91
Average Life: 23.65 16.42 14.41 11.18 10.14 8.36
Duration: 9.27 7.89 7.37 6.42 6.12 5.52
First Prin Pay: 10/15 11/06 6/05 12/03 12/03 2/04
Last Prin Pay: 1/27 10/22 9/20 2/16 9/13 6/09
---------------------------
To Maturity:
Bond Yield: 9.39 9.52 9.59 9.72 9.77 9.87
Average Life: 23.72 16.63 14.66 11.49 10.55 9.00
Duration: 9.27 7.90 7.39 6.47 6.21 5.72
First Prin Pay: 10/15 11/06 6/05 12/03 12/03 2/04
Last Prin Pay: 10/27 4/25 9/23 7/19 7/17 8/13
-----------------------------------------------------------------------------
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON 3
<PAGE>
Bombardier Manufactured Housing Contract Pass-Through Certificates,
Series 1998-C
Computational Materials
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class A
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1999 96 92 90 87 84 79
November 15, 2000 94 85 82 74 69 58
November 15, 2001 93 78 73 62 56 40
November 15, 2002 91 71 65 52 44 26
November 15, 2003 89 65 58 42 33 14
November 15, 2004 87 59 51 37 29 12
November 15, 2005 84 53 45 33 25 9
November 15, 2006 82 47 41 29 21 8
November 15, 2007 79 43 38 26 18 6
November 15, 2008 76 40 35 23 16 5
November 15, 2009 72 37 32 20 13 4
November 15, 2010 69 34 29 17 11 3
November 15, 2011 65 32 26 15 10 2
November 15, 2012 60 29 23 13 8 2
November 15, 2013 56 26 21 11 7 1
November 15, 2014 51 24 19 10 5 1
November 15, 2015 46 21 16 8 4 0
November 15, 2016 43 19 14 7 3 0
November 15, 2017 39 17 12 5 3 0
November 15, 2018 36 14 11 4 2 0
November 15, 2019 33 13 9 3 1 0
November 15, 2020 30 11 8 3 1 0
November 15, 2021 27 9 6 2 0 0
November 15, 2022 24 8 5 1 0 0
November 15, 2023 20 6 4 0 0 0
November 15, 2024 17 5 3 0 0 0
November 15, 2025 13 3 2 0 0 0
November 15, 2026 9 2 0 0 0 0
November 15, 2027 4 0 0 0 0 0
November 15, 2028 0 0 0 0 0 0
Avg Life In Years: 16.3 9.9 8.6 6.3 5.1 3.2
</TABLE>
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON 4
<PAGE>
Bombardier Manufactured Housing Contract Pass-Through Certificates,
Series 1998-C
Computational Materials
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 100
November 15, 2002 100 100 100 100 100 100
November 15, 2003 100 100 100 100 100 100
November 15, 2004 100 100 100 89 87 85
November 15, 2005 100 100 96 78 75 68
November 15, 2006 100 99 88 69 65 55
November 15, 2007 100 92 80 61 56 44
November 15, 2008 100 85 73 54 48 34
November 15, 2009 100 79 67 47 41 26
November 15, 2010 100 73 61 41 35 20
November 15, 2011 100 67 55 36 29 15
November 15, 2012 100 61 49 31 24 11
November 15, 2013 100 56 44 27 20 8
November 15, 2014 100 50 39 23 16 5
November 15, 2015 99 45 35 19 13 0
November 15, 2016 92 40 31 16 10 0
November 15, 2017 84 35 26 13 8 0
November 15, 2018 76 31 22 10 6 0
November 15, 2019 71 27 19 8 2 0
November 15, 2020 65 24 16 6 0 0
November 15, 2021 58 20 13 3 0 0
November 15, 2022 51 16 11 0 0 0
November 15, 2023 43 13 8 0 0 0
November 15, 2024 36 10 6 0 0 0
November 15, 2025 28 7 1 0 0 0
November 15, 2026 18 0 0 0 0 0
November 15, 2027 8 0 0 0 0 0
November 15, 2028 0 0 0 0 0 0
Avg Life In Years: 23.8 16.8 14.9 11.8 10.8 9.2
</TABLE>
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON 5
<PAGE>
Bombardier Manufactured Housing Contract Pass-Through Certificates,
Series 1998-C
Computational Materials
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class M-2
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 100
November 15, 2002 100 100 100 100 100 100
November 15, 2003 100 100 100 100 100 100
November 15, 2004 100 100 100 89 87 85
November 15, 2005 100 100 96 78 75 68
November 15, 2006 100 99 88 69 65 55
November 15, 2007 100 92 80 61 56 44
November 15, 2008 100 85 73 54 48 34
November 15, 2009 100 79 67 47 41 26
November 15, 2010 100 73 61 41 35 20
November 15, 2011 100 67 55 36 29 15
November 15, 2012 100 61 49 31 24 11
November 15, 2013 100 56 44 27 20 6
November 15, 2014 100 50 39 23 16 0
November 15, 2015 99 45 35 19 13 0
November 15, 2016 92 40 31 16 10 0
November 15, 2017 84 35 26 13 6 0
November 15, 2018 76 31 22 10 1 0
November 15, 2019 71 27 19 7 0 0
November 15, 2020 65 24 16 2 0 0
November 15, 2021 58 20 13 0 0 0
November 15, 2022 51 16 11 0 0 0
November 15, 2023 43 13 7 0 0 0
November 15, 2024 36 10 1 0 0 0
November 15, 2025 28 4 0 0 0 0
November 15, 2026 18 0 0 0 0 0
November 15, 2027 6 0 0 0 0 0
November 15, 2028 0 0 0 0 0 0
Avg Life In Years: 23.8 16.8 14.8 11.7 10.7 9.1
</TABLE>
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON 6
<PAGE>
Bombardier Manufactured Housing Contract Pass-Through Certificates,
Series 1998-C
Computational Materials
<TABLE>
<CAPTION>
Percent of Principal Outstanding of Class B-1
--------------------------------------------------------------------------------------------
Percent of MHP: 0 75 100 160 200 300
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Initial Percent 100 100 100 100 100 100
November 15, 1999 100 100 100 100 100 100
November 15, 2000 100 100 100 100 100 100
November 15, 2001 100 100 100 100 100 100
November 15, 2002 100 100 100 100 100 100
November 15, 2003 100 100 100 100 100 100
November 15, 2004 100 100 100 89 87 85
November 15, 2005 100 100 96 78 75 68
November 15, 2006 100 99 88 69 65 55
November 15, 2007 100 92 80 61 56 44
November 15, 2008 100 85 73 54 48 34
November 15, 2009 100 79 67 47 41 26
November 15, 2010 100 73 61 41 35 20
November 15, 2011 100 67 55 36 29 13
November 15, 2012 100 61 49 31 24 5
November 15, 2013 100 56 44 27 20 0
November 15, 2014 100 50 39 23 15 0
November 15, 2015 99 45 35 19 9 0
November 15, 2016 92 40 31 14 3 0
November 15, 2017 84 35 26 8 0 0
November 15, 2018 76 31 22 3 0 0
November 15, 2019 71 27 19 0 0 0
November 15, 2020 65 24 16 0 0 0
November 15, 2021 58 20 10 0 0 0
November 15, 2022 51 16 4 0 0 0
November 15, 2023 43 9 0 0 0 0
November 15, 2024 36 2 0 0 0 0
November 15, 2025 28 0 0 0 0 0
November 15, 2026 18 0 0 0 0 0
November 15, 2027 0 0 0 0 0 0
November 15, 2028 0 0 0 0 0 0
Avg Life In Years: 23.7 16.6 14.7 11.5 10.6 9.0
</TABLE>
The above analysis has not been prepared nor reviewed by the Issuer and is not
intended to be a prospectus. Any investment decision with respect to the
security should be made by you based solely upon all of the information
contained in the final prospectus. Under no circumstances shall the information
presented constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction. The securities may
not be sold nor may an offer to buy be accepted prior to the delivery of a final
prospectus relating to the securities. The above preliminary description of the
underlying assets has not been independently verified by Credit Suisse First
Boston. All information described above is preliminary, limited in nature and
subject to completion or amendment. Credit Suisse First Boston makes no
representations that the above referenced security will actually perform as
described in any scenario presented.
CREDIT | FIRST
SUISSE | BOSTON 7
