<PAGE>
8-K
Current Report
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): July 23, 1999
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of registrant as specified in its charter)
DELAWARE 333-64765 13-3411414
(State or other Jurisdiction (Commission (I.R.S. Employer
Incorporation) File Number) Identification Number)
-------------------
One New York Plaza, 18th Floor
New York, New York 10292-2018
(principal executive offices)
(212) 778-1800
<PAGE>
Item 5. OTHER EVENTS
- ---------------------
Description of the Certificates
Prudential Securities Secured Financing Corporation (the "Depositor")
will cause to be filed with the Securities and Exchange Commission (the
"Commission") pursuant to the Commission's Rule 424 a Prospectus Supplement and
the Prospectus filed as part of Registration Statement, File No. 333-64765, in
connection with the Depositor's issuance of a series of certificates, entitled
Commercial Mortgage Pass-Through Certificates, Series 1999-C2 (the
"Certificates"), to be issued pursuant to a Pooling and Servicing agreement
among the Depositor, National Realty Funding L.C. as Master Servicer and as
Special Servicer, and The Chase Manhattan Bank as Trustee.
Computational Materials
Greenwich NatWest Limited, as agent for National Westminster Bank Plc.,
as underwriter of certain of the Certificates (the "Underwriter") has provided
certain prospective purchasers of the Certificates with certain yield tables and
other computational materials, collateral term sheets and structural term sheets
(the "Computational Materials") in written form, which Computational Materials
are in the nature of data tables and term sheet information relating to the
assets of the trust fund in which the Certificates represent beneficial
ownership, the structure of the Certificates and terms of certain classes of
Certificates, and the hypothetical characteristics and hypothetical performance
of certain classes and Certificates based on collateral information provided by
National Realty Finance L.C., Greenwich Capital Financial Products, Inc. and/or
Bridger Commercial Realty Finance LLC, under certain assumptions and scenarios.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
- ------------------------------------------
(a) Not applicable
(b) Not applicable
(c) Exhibits
EXHIBIT NO. 99 DESCRIPTION
- --------------------------
Computational Materials (as defined in Item 5) that have been provided
by the Underwriter to certain prospective purchasers of the Offered
Certificates.
1
<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 thereunto duly authorized.
Dated: July 27, 1999
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
By: /s/ Vincent Pica II
-----------------------------
Name: Vincent Pica II
Title: President
2
<PAGE>
- --------------------------------------------------------------------------------
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION (DEPOSITOR)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-C2
$776,136,000 (APPROXIMATE)
- --------------------------------------------------------------------------------
The information included herein is provided solely by Prudential Securities
Incorporated and Greenwich NatWest Limited, as agent for National Westminster
Bank, Plc (collectively known as the "Underwriters") for the Prudential
Securities Secured Financing Corporation, Series 1999-C2 transaction. The
analysis in this report is based on information provided by Greenwich Capital
Financial Products, Inc. ("Greenwich"), National Realty Finance L.C. ("NRF"),
KeyBank National Association ("Key") and Bridger Commercial Realty Finance LLC
("Bridger"), collectively known as the "Loan Contributors." Underwriters make no
representations as to the accuracy of such information. All opinions and
conclusions in this report reflect Underwriters' judgment as of this date and
are subject to change. All analyses are based on certain assumptions noted
herein and different assumptions could yield substantially different results.
You are cautioned that there is no universally accepted method for analyzing
financial instruments or commercial mortgage loans. You should review the
assumptions; there may be differences between these assumptions and your actual
business practices. Further, Underwriters do not guarantee any results and there
is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility.
Underwriters (or any of their affiliates) or their officers, directors, analysts
or employees may have positions in securities, or derivative instruments thereon
referred to herein, and may, as principal or agent, buy or sell such securities,
or derivative instruments. In addition, Underwriters may make a market in the
securities referred to herein, but are not obligated to do so. Finally,
Underwriters have not addressed the legal, accounting and tax implications of
the analysis with respect to you and the Underwriters strongly urge you to seek
advice from your counsel, accountant and tax advisor.
Neither the information nor the opinions expressed shall be construed to be, or
constitute, an offer to sell or buy a solicitation of an offer to sell or buy
any securities, or derivative instruments mentioned herein.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN ANY SUBSEQUENT STRUCTURAL
TERMSHEETS OR IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED
BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED OR GREENWICH NATWFST LIMITED, AS AGENT FOR
NATIONAL WESTMINSTER BANK PLC. FINANCIAL ADVISOR IMMEDIATELY THE SECURITIES
DESCRIBED HEREIN ARE OFFERED ONLY PURSUANT TO A DEFINITIVE FINAL PROSPECTUS
SUPPLEMENT AND PROSPECTIVE INVESTORS WHO CONSIDER PURCHASING ANY SUCH SECURITIES
SHOULD MAKE THEIR INVESTMENT DECISION BASED ONLY UPON THE INFORMATION PROVIDED
THEREIN. CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN HAVE THE MEANINGS GIVEN
TO SUCH TERMS IN THE FINAL PROSPECTUS SUPPLEMENT
PRUDENTIAL SECURITIES GREENWICH NATWEST LIMITED
- --------------------------------------------------------------------------------
<PAGE>
GREENWICH CAPITAL MARKETS Friday, July 16, 1999
PSSF99C2
A1
Price/Yield Report (Deal Level) Page #1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Tranche A1 Curr Balance $230,000,000.00 Settle 06/29/1999
Coupon 6.74500 Orig Balance $230,000,000.00 Tranche Type SEN FIX CAP
Margin Factor 1.000000 Factor Date 07/99
Index NA Calc Spread Interp rate @ WAL Payment Freq NA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Prepay Rate 0 CPR 30 CPR 60 CPR 90 CPR 100 CPR
Penalties Collected YES YES YES YES YES
Enforced Hard Lockout YES YES YES YES YES
YM Period Lockout (more than or
equal to %) ANY ANY ANY ANY ANY
Points Lockout (more than or
equal to %) No L/O No L/O No L/O No L/O No L/O
Balloon Ext (Mos) 0 0 0 0 0
Opt Redeem No No No No No
- -----------------------------------------------------------------------------------------------------------------------------------
Price Price32nd Yield Yield Yield Yield Yield
99.250 99-08 6.9501 6.9641 6.9758 6.9866 6.9934
99.375 99-12 6.9219 6.9348 6.9456 6.9554 6.9613
99.500 99-16 6.8938 6.9055 6.9153 6.9243 6.9293
99.625 99-20 6.8657 6.8763 6.8852 6.8932 6.8973
99.750 99-24 6.8376 6.8472 6.8550 6.8621 6.8654
99.875 99-28 6.8097 6.8181 6.8250 6.8311 6.8335
100.000 100-00 6.7817 6.7890 6.7949 6.8002 6.8017
100.125 100-04 6.7538 6.7600 6.7650 6.7693 6.7700
100.250 100-08 6.7260 6.7311 6.7351 6.7385 6.7383
100.375 100-12 6.6982 6.7022 6.7052 6.7077 6.7067
100.500 100-16 6.6704 6.6733 6.6754 6.6770 6.6751
100.625 100-20 6.6427 6.6445 6.6457 6.6463 6.6436
100.750 100-24 6.6151 6.6158 6.6160 6.6157 6.6121
WAL (#yr) 5.69 5.42 5.21 5.02 4.86
Spread @ Center(bp) 122 124 125 126 127
First Princ 08/15/1999 08/15/1999 08/15/1999 08/15/1999 08/15/1999
Last Princ 06/15/2008 04/15/2008 03/15/2008 01/15/2008 11/15/2007
Maturity (#mo) 107 105 104 102 100
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Yield Curve 3 Mo 6 Mo 1 Yr 2 Yr 5 Yr 10 Yr 30 Yr
<S> <C> <C> <C> <C> <C> <C> <C>
4.88000 5.09000 5.26000 5.44400 5.54100 5.66700 5.85600
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
These computational materials should be accompanied by a one page disclaimer
which must be read in its entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please contact Greenwich Capital
Markets.
<PAGE>
GREENWICH CAPITAL MARKETS Friday, July 16, 1999
PSSF99C2
A2
Price/Yield Report (Deal Level) Page #1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Tranche A2 Curr Balance $399,650,000.00 Settle 06/29/1999
Coupon 7.00200 Orig Balance $399,650,000.00 Tranche Type SEN FIX CAP
Margin Factor 1.000000 Factor Date 07/99
Index NA Calc Spread Interp rate @ WAL Payment Freq NA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Prepay Rate 0 CPR 30 CPR 60 CPR 90 CPR 100 CPR
Penalties Collected YES YES YES YES YES
Enforced Hard Lockout YES YES YES YES YES
YM Period Lockout (more than or
equal to %) ANY ANY ANY ANY ANY
Points Lockout (more than or
equal to %) No L/O No L/O No L/O No L/O No L/O
Balloon Ext (Mos) 0 0 0 0 0
Opt Redeem No No No No No
- -----------------------------------------------------------------------------------------------------------------------------------
Price Price32nd Yield Yield Yield Yield Yield
99.250 99-08 7.1768 7.1771 7.1773 7.1777 7.1788
99.375 99-12 7.1579 7.1582 7.1584 7.1587 7.1596
99.500 99-16 7.1391 7.1393 7.1395 7.1397 7.1404
99.625 99-20 7.1203 7.1205 7.1206 7.1208 7.1212
99.750 99-24 7.1015 7.1017 7.1017 7.1019 7.1020
99.875 99-28 7.0828 7.0829 7.0829 7.0830 7.0829
100.000 100-00 7.0641 7.0642 7.0641 7.0641 7.0638
100.125 100-04 7.0454 7.0454 7.0454 7.0452 7.0448
100.250 100-08 7.0268 7.0267 7.0266 7.0264 7.0257
100.375 100-12 7.0081 7.0081 7.0079 7.0077 7.0067
100.500 100-16 6.9896 6.9895 6.9893 6.9889 6.9877
100.625 100-20 6.9710 6.9709 6.9706 6.9702 6.9688
100.750 100-24 6.9525 6.9523 6.9520 6.9515 6.9499
WAL (#yr) 9.38 9.35 9.32 9.27 9.12
Spread @ Center(bp) 141 141 141 142 142
First Princ 06/15/2008 04/15/2008 03/15/2008 01/15/2008 11/15/2007
Last Princ 04/15/2009 04/15/2009 04/15/2009 04/15/2009 02/15/2009
Maturity (#mo) 117 117 117 117 115
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Yield Curve 3 Mo 6 Mo 1 Yr 2 Yr 5 Yr 10 Yr 30 Yr
<S> <C> <C> <C> <C> <C> <C> <C>
4.88000 5.09000 5.26000 5.44400 5.54100 5.66700 5.85600
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
These computational materials should be accompanied by a one page disclaimer
which must be read in its entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please contact Greenwich Capital
Markets.
<PAGE>
- --------------------------------------------------------------------------------
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION (DEPOSITOR)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-C2
$776,136,000 (APPROXIMATE)
- --------------------------------------------------------------------------------
The information included herein is provided solely by Prudential Securities
Incorporated and Greenwich NatWest Limited, as agent for National Westminster
Bank, Plc (collectively known as the "Underwriters") for the Prudential
Securities Secured Financing Corporation, Series 1999-C2 transaction. The
analysis in this report is based on information provided by Greenwich Capital
Financial Products, Inc. ("Greenwich"), National Realty Finance L.C. ("NRF"),
KeyBank National Association ("Key") and Bridger Commercial Realty Finance LLC
("Bridger"), collectively known as the "Loan Contributors." Underwriters make no
representations as to the accuracy of such information. All opinions and
conclusions in this report reflect Underwriters' judgment as of this date and
are subject to change. All analyses are based on certain assumptions noted
herein and different assumptions could yield substantially different results.
You are cautioned that there is no universally accepted method for analyzing
financial instruments or commercial mortgage loans. You should review the
assumptions; there may be differences between these assumptions and your actual
business practices. Further, Underwriters do not guarantee any results and there
is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility.
Underwriters (or any of their affiliates) or their officers, directors, analysts
or employees may have positions in securities, or derivative instruments thereon
referred to herein, and may, as principal or agent, buy or sell such securities,
or derivative instruments. In addition, Underwriters may make a market in the
securities referred to herein, but are not obligated to do so. Finally,
Underwriters have not addressed the legal, accounting and tax implications of
the analysis with respect to you and the Underwriters strongly urge you to seek
advice from your counsel, accountant and tax advisor.
Neither the information nor the opinions expressed shall be construed to be, or
constitute, an offer to sell or buy or a solicitation of an offer to sell or buy
any securities, or derivative instruments mentioned herein.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN ANY SUBSEQUENT STRUCTURAL
TERMSHEETS OR IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED
BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED OR GREENWICH NATWFST LIMITED, AS AGENT FOR
NATIONAL WESTMINSTER BANK, PLC. FINANCIAL ADVISOR IMMEDIATELY. THE SECURITIES
DESCRIBED HEREIN ARE OFFERED ONLY PURSUANT TO A DEFINITIVE FINAL PROSPECTUS
SUPPLEMENT AND PROSPECTIVE INVESTORS WHO CONSIDER PURCHASING ANY SUCH SECURITIES
SHOULD MAKE THEIR INVESTMENT DECISION BASED ONLY UPON THE INFORMATION PROVIDED
THEREIN. CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN HAVE THE MEANINGS GIVEN
TO SUCH TERMS IN THE FINAL PROSPECTUS SUPPLEMENT.
PRUDENTIAL SECURITIES GREENWICH NATWEST LIMITED
- --------------------------------------------------------------------------------
<PAGE>
GREENWICH CAPITAL MARKETS Monday, July 19, 1999
PSSF99C2
B
Price/Yield Report (Deal Level) Page #1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Tranche B Curr Balance $41,540,000.00 Settle 07/29/1999
Coupon 7.26338 Orig Balance $41,540,000.00 Tranche Type MEZ_WAC
Margin Factor 1.000000 Factor Date 07/99
Index NA Calc Spread Interp rate @ WAL Payment Freq NA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Collateral GWAC Tot_Loans 1MonCPR 3MonCPR 6MonCPR 12MonCPR LifeCPR
<S> <C> <C> <C> <C> <C> <C> <C>
Deal 7.610540 225
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
<S> <C> <C>
Prepay Rate 0 CPR 25 CPR
Loss Rate 0 CDR V1* CDR
Loss Severity (%) 0 30
Recovery Lag (Mos) 12 12
Penalties Collected YES YES
Enforced Hard Lockout YES YES
YM Period Lockout (more than or
equal to %) ANY ANY
Points Lockout (more than or
equal to %) No L/O No L/O
Opt Redeem No No
- ----------------------------------------------------------------------
Price Price32nd Yield Yield
99.625 99-20 7.2690 7.2631
99.688 99-22 7.2598 7.2542
99.750 99-24 7.2505 7.2454
99.813 99-26 7.2413 7.2365
99.875 99-28 7.2321 7.2277
99.938 99-30 7.2229 7.2189
100.000 100-00 7.2138 7.2101
100.063 100-02 7.2046 7.2013
100.125 100-04 7.1954 7.1925
100.188 100-06 7.1862 7.1837
100.250 100-08 7.1771 7.1749
100.313 100-10 7.1679 7.1661
100.375 100-12 7.1588 7.1573
WAL (#yr) 9.71 10.37
Spread @ Center(bp) 155 154
First Princ 04/15/2009 04/15/2009
Last Princ 04/15/2009 03/15/2017
Maturity (#mo) 117 212
- ----------------------------------------------------------------------
Bond Loss $0K $0K
Pool Default (COLLAT) $0K $663,224K
Pool Loss (COLLAT) $0K $203,100K
Pool Default (COLLAT) 0.00% 75.84%
- ----------------------------------------------------------------------
</TABLE>
Note: V1* means "0 for 24 24.5".
These computational materials should be accompanied by a one page disclaimer
which must be read in its entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please contact Greenwich Capital
Markets.
<PAGE>
GREENWICH CAPITAL MARKETS Monday, July 19, 1999
PSSF99C2
B
Price/Yield Report (Deal Level) Page #2
Pool Loss (COLLAT) 0.00% 23.22%
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Yield Curve 3 Mo 6 Mo 1 Yr 2 Yr 5 Yr 10 Yr 30 Yr
<S> <C> <C> <C> <C> <C> <C> <C>
4.88000 5.09000 5.26000 5.44400 5.54100 5.66700 5.85600
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: V1* means "0 for 24 24.5".
These computational materials should be accompanied by a one page disclaimer
which must be read in its entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please contact Greenwich Capital
Markets.
<PAGE>
GREENWICH CAPITAL MARKETS Monday, July 19, 1999
PSSF99C2
B
Price/Yield Report (Deal Level) Page #1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Tranche B Curr Balance $41,540,000.00 Settle 07/29/1999
Coupon 7.26338 Orig Balance $41,540,000.00 Tranche Type MEZ_WAC
Margin Factor 1.000000 Factor Date 07/99
Index NA Calc Spread Interp rate @ WAL Payment Freq NA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------
Collateral GWAC Tot_Loans 1MonCPR 3MonCPR 6MonCPR 12MonCPR LifeCPR
<S> <C> <C> <C> <C> <C> <C> <C>
Deal 7.610540 225
- ------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
<S> <C> <C>
Prepay Rate 0 CPR 25 CPR
Loss Rate 0 CDR V1* CDR
Loss Severity (%) 0 30
Recovery Lag (Mos) 12 12
Penalties Collected YES YES
Enforced Hard Lockout YES YES
YM Period Lockout (more than or
equal to %) ANY ANY
Points Lockout (more than or
equal to %) No L/O No L/O
Opt Redeem No No
- ----------------------------------------------------------------------
Price Price32nd Yield Yield
99.625 99-20 7.2690 7.2524
99.688 99-22 7.2598 7.2436
99.750 99-24 7.2505 7.2348
99.813 99-26 7.2413 7.2260
99.875 99-28 7.2321 7.2172
99.938 99-30 7.2229 7.2084
100.000 100-00 7.2138 7.1996
100.063 100-02 7.2046 7.1908
100.125 100-04 7.1954 7.1820
100.188 100-06 7.1862 7.1732
100.250 100-08 7.1771 7.1645
100.313 100-10 7.1679 7.1557
100.375 100-12 7.1588 7.1470
WAL (#yr) 9.71 10.43
Spread @ Center(bp) 155 153
First Princ 04/15/2009 04/15/2009
Last Princ 04/15/2009 09/15/2023
Maturity (#mo) 117 290
- ----------------------------------------------------------------------
Bond Loss $0K $104K
Pool Default (COLLAT) $0K $664,334K
Pool Loss (COLLAT) $0K $203,437K
Pool Default (COLLAT) 0.00% 75.97%
- ----------------------------------------------------------------------
</TABLE>
Note: V1* means "0 for 24 24.6".
These computational materials should be accompanied by a one page disclaimer
which must be read in its entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please contact Greenwich Capital
Markets.
<PAGE>
GREENWICH CAPITAL MARKETS Monday, July 19, 1999
PSSF99C2
B
Price/Yield Report (Deal Level) Page #2
Pool Loss (COLLAT) 0.00% 23.26%
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Yield Curve 3 Mo 6 Mo 1 Yr 2 Yr 5 Yr 10 Yr 30 Yr
<S> <C> <C> <C> <C> <C> <C> <C>
4.88000 5.09000 5.26000 5.44400 5.54100 5.66700 5.85600
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Note: V1* means "0 for 24 24.6".
These computational materials should be accompanied by a one page disclaimer
which must be read in its entirety by the addressee of this communication.
If such disclaimer is not attached hereto, please contact Greenwich Capital
Markets.
<PAGE>
- --------------------------------------------------------------------------------
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION (DEPOSITOR)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1999-C2
$776,136,000 (APPROXIMATE)
- --------------------------------------------------------------------------------
The information included herein is provided solely by Prudential Securities
Incorporated and Greenwich NatWest Limited, as agent for National Westminster
Bank, Plc (collectively known as the "Underwriters") for the Prudential
Securities Secured Financing Corporation, Series 1999-C2 transaction. The
analysis in this report is based on information provided by Greenwich Capital
Financial Products, Inc. ("Greenwich"), National Realty Finance L.C. ("NRF"),
KeyBank National Association ("Key") and Bridger Commercial Realty Finance LLC
("Bridger"), collectively known as the "Loan Contributors." Underwriters make no
representations as to the accuracy of such information. All opinions and
conclusions in this report reflect Underwriters' judgment as of this date and
are subject to change. All analyses are based on certain assumptions noted
herein and different assumptions could yield substantially different results.
You are cautioned that there is no universally accepted method for analyzing
financial instruments or commercial mortgage loans. You should review the
assumptions; there may be differences between these assumptions and your actual
business practices. Further, Underwriters do not guarantee any results and there
is no guarantee as to the liquidity of the instruments involved in this
analysis. The decision to adopt any strategy remains your responsibility.
Underwriters (or any of their affiliates) or their officers, directors, analysts
or employees may have positions in securities, or derivative instruments thereon
referred to herein, and may, as principal or agent, buy or sell such securities,
or derivative instruments. In addition, Underwriters may make a market in the
securities referred to herein, but are not obligated to do so. Finally,
Underwriters have not addressed the legal, accounting and tax implications of
the analysis with respect to you and the Underwriters strongly urge you to seek
advice from your counsel, accountant and tax advisor.
Neither the information nor the opinions expressed shall be construed to be, or
constitute, an offer to sell or buy a solicitation of an offer to sell or buy
any securities, or derivative instruments mentioned herein.
THIS STRUCTURAL TERMSHEET SUPERSEDES ANY PREVIOUS STRUCTURAL TERMSHEETS, AND
WILL BE SUPERSEDED BY THE STRUCTURAL INFORMATION IN ANY SUBSEQUENT STRUCTURAL
TERMSHEETS OR IN THE FINAL PROSPECTUS SUPPLEMENT. THIS PAGE MUST BE ACCOMPANIED
BY A DISCLAIMER. IF YOU DID NOT RECEIVE SUCH A DISCLAIMER, PLEASE CONTACT YOUR
PRUDENTIAL SECURITIES INCORPORATED OR GREENWICH NATWFST LIMITED, AS AGENT FOR
NATIONAL WESTMINSTER BANK, PLC. FINANCIAL ADVISOR IMMEDIATELY THE SECURITIES
DESCRIBED HEREIN ARE OFFERED ONLY PURSUANT TO A DEFINITIVE FINAL PROSPECTUS
SUPPLEMENT AND PROSPECTIVE INVESTORS WHO CONSIDER PURCHASING ANY SUCH SECURITIES
SHOULD MAKE THEIR INVESTMENT DECISION BASED ONLY UPON THE INFORMATION PROVIDED
THEREIN. CAPITALIZED TERMS USED BUT NOT DEFINED HEREIN HAVE THE MEANINGS GIVEN
TO SUCH TERMS IN THE FINAL PROSPECTUS SUPPLEMENT.
PRUDENTIAL SECURITIES GREENWICH NATWEST LIMITED
- --------------------------------------------------------------------------------
<PAGE>
GREENWICH CAPITAL MARKETS Friday, July 16, 1999
PSSF99C2
C
Price/Yield Report (Deal Level) Page #1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Tranche C Curr Balance $45,913,000.00 Settle 06/29/1999
Coupon 7.41038 Orig Balance $45,913,000.00 Tranche Type MEZ_WAC
Margin Factor 1.000000 Factor Date 07/99
Index NA Calc Spread Interp rate @ WAL Payment Freq NA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Prepay Rate 0 CPR 100 CPR 0 CPR
Penalties Collected NO NO NO
Enforced Hard Lockout YES YES YES
YM Period Lockout (more than or
equal to %) No L/O No L/O No L/O
Points Lockout (more than or
equal to %) No L/O No L/O No L/O
Balloon Ext (Mos) 0 0 12
Opt Redeem No No No
- ---------------------------------------------------------------------------------------
Price Price32nd Yield Yield Yield
99.250 99-08 7.4753 7.4242 7.4719
99.375 99-12 7.4567 7.4053 7.4545
99.500 99-16 7.4381 7.3865 7.4371
99.625 99-20 7.4196 7.3678 7.4197
99.750 99-24 7.4011 7.3490 7.4024
99.875 99-28 7.3827 7.3303 7.3851
100.000 100-00 7.3643 7.3116 7.3678
100.125 100-04 7.3459 7.2930 7.3506
100.250 100-08 7.3275 7.2744 7.3334
100.375 100-12 7.3092 7.2558 7.3162
100.500 100-16 7.2909 7.2372 7.2990
100.625 100-20 7.2726 7.2187 7.2819
100.750 100-24 7.2544 7.2002 7.2648
WAL (#yr) 9.78 9.54 10.76
Spread @ Center(bp) 170 166 169
First Princ 04/15/2009 02/15/2009 04/15/2010
Last Princ 05/15/2009 02/15/2009 05/15/2010
Maturity (#mo) 118 115 130
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Yield Curve 3 Mo 6 Mo 1 Yr 2 Yr 5 Yr 10 Yr 30 Yr
<S> <C> <C> <C> <C> <C> <C> <C>
4.88000 5.09000 5.26000 5.44400 5.54100 5.66700 5.85600
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
GREENWICH CAPITAL MARKETS Friday, July 16, 1999
PSSF99C2
D
Price/Yield Report (Deal Level) Page #1
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Tranche D Curr Balance $13,118,000.00 Settle 06/29/1999
Coupon 7.55878 Orig Balance $13,118,000.00 Tranche Type MEZ_WAC
Margin Factor 1.000000 Factor Date 07/99
Index NA Calc Spread Interp rate @ WAL Payment Freq NA
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
<S> <C> <C> <C>
Prepay Rate 0 CPR 100 CPR 0 CPR
Penalties Collected NO NO NO
Enforced Hard Lockout YES YES YES
YM Period Lockout (more than or
equal to %) No L/O No L/O No L/O
Points Lockout (more than or
equal to %) No L/O No L/O No L/O
Balloon Ext (Mos) 0 0 12
Opt Redeem No No No
- ---------------------------------------------------------------------------------------
Price Price32nd Yield Yield Yield
99.250 99-08 7.6281 7.5768 7.6245
99.375 99-12 7.6095 7.5578 7.6070
99.500 99-16 7.5910 7.5389 7.5896
99.625 99-20 7.5724 7.5200 7.5721
99.750 99-24 7.5539 7.5011 7.5547
99.875 99-28 7.5354 7.4823 7.5373
100.000 100-00 7.5170 7.4634 7.5200
100.125 100-04 7.4985 7.4447 7.5027
100.250 100-08 7.4801 7.4259 7.4854
100.375 100-12 7.4618 7.4072 7.4681
100.500 100-16 7.4434 7.3885 7.4509
100.625 100-20 7.4251 7.3699 7.4337
100.750 100-24 7.4069 7.3512 7.4165
WAL (#yr) 9.85 9.54 10.81
Spread @ Center(bp) 185 181 185
First Princ 05/15/2009 02/15/2009 05/15/2010
Last Princ 06/15/2009 02/15/2009 06/15/2010
Maturity (#mo) 119 115 131
- ---------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
Yield Curve 3 Mo 6 Mo 1 Yr 2 Yr 5 Yr 10 Yr 30 Yr
<S> <C> <C> <C> <C> <C> <C> <C>
4.88000 5.09000 5.26000 5.44400 5.54100 5.66700 5.85600
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
