<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): August 3, 1999
MORGAN STANLEY CAPITAL I INC.
(Exact name of registrant as specified in its charter)
DELAWARE 333-62911 13-3291626
(State or other Jurisdiction (Commission (I.R.S. Employer
Incorporation) File Number) Identification Number)
------------------
1585 Broadway
2nd Floor
New York, New York 10036
(principal executive offices)
(212) 761-4000
<PAGE>
Item 5. OTHER EVENTS
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Description of the Certificates
Morgan Stanley Capital I Inc. (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. 333-62911, in connection with the
Depositor's issuance of a series of certificates, entitled Commercial Mortgage
Pass-Through Certificates, Series 1999-LIFE1 (the "Certificates"), to be issued
pursuant to a pooling and servicing agreement among the Depositor, Wells Fargo
Bank, National Association, as master servicer and as special servicer, LaSalle
Bank National Association, as trustee and ABN AMRO Bank N.V., as fiscal agent.
Computational Materials
Goldman, Sachs & Co. as underwriter of certain of the Certificates (the
"Underwriter") has provided certain prospective purchasers of the Class A-1,
Class A-2, Class B, Class C, Class D and Class E Certificates (collectively,
the "Offered 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 Principal Commercial Funding, LLC,
John Hancock Real Estate Finance, Inc. and/or Morgan Stanley Mortgage Capital,
Inc. and 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.
Date: August 3, 1999
MORGAN STANLEY CAPITAL I INC.
By: /s/ Russell Rahbany
---------------------
Name: Russell Rahbany
Title: Vice President
2
<PAGE>
MSCI Series 1999-LIFE1
Class X
Goldman, Sachs & Co. User: Sanjay Waghani
MSCI 99LIFE1RED X Generated: 07/26/99 12:02 PM Page:1
- --------------------------------------------------------------------------------
Coupon: -1,000 Settlement: 08/10/99
Original Balance: 612,711,795 Next Proj: 09/15/99
Current Balance: 612,711,795 Stated Final: 00/00/00
Factor: 1.00000000 Next Payment: 09/15/99
Delay: 14 Factor Date: 08/15/99
Cusip: Frequency: Monthly
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NetWAC GrWAC WAM WALA Term Svc Bal
Min 6.446% 6.510% 110.0 119.0 0.064% 720,221
Avg 7.277% 7.367% 121.0 2.3 306.4 0.090% 4,749,704
Max 8.486% 8.620% 238.0 11.0 369.0 0.134% 29,706,627
Number of Assets: 129 Total Balance: 612,711,795
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Prepay Lockout Period 0 CPR 0 CPR 0 CPR 0 CPR 0 CPR
YldMaint Period 0 CPR 0 CPR 0 CPR 0 CPR 0 CPR
%Penalty Period 100 CPR 100 CPR 100 CPR 100 CPR 100 CPR
Open Period 100 CPR 100 CPR 100 CPR 100 CPR 100 CPR
Default Rate 0/24.1 CDR 0/24.2 CDR 0/24.4 CD 0/24.6 CDR See (1)
Severity/MthLiq 30/12 30/12 30/12 30/12 30/12
Balloon Ext 0 mos 0 mos 0 mos 0 mos 0 mos
Call No No No No No
Apply Penalty No No No No No
Yld. Maint. Shift 0 bp 0 bp 0 bp 0 bp 0 bp
Price Output 4.65 CDR BREAKEVEN
1-11+ Yield 13.236 12.498 11.055 9.707 10.565
Int Spr 743/8.1 670/8.9 526/8.5 393/8.1 478/8.4
1-19+ Yield 8.565 7.797 6.289 4.871 5.762
Int Spr 276/8.1 199/8.9 50/8.5 -91/8.1 -3/8.4
1-27+ Yield 4.922 4.133 2.577 1.104 2.018
Int Spr -89/9.1 -167/8.9 -321/8.5 -468/8.1 -377/8.4
AvgLife 9.059 8.859 8.481 8.130 8.364
Window 09/99-06/19 09/99-06/19 09/99-06/19 09/99-06/19 09/99-06/19
PrincLoss%
</TABLE>
(1) Prepay: 100CPR >> Penalty: Yld Maint. CPR: 0, Lockout CPR: Pot CPR: NOT
USED, YM Shift +0>> Default Model: CDR 0/24.4.65, Severity:30, Mon. to Liq: 12,
AdvP1, >> Balloon: 100% exended for 0 Mos, >> >>
<TABLE>
<CAPTION>
Treasury Curve
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Term 3 mo 6 mo 1 yr 2 yr 3 yr 4yr 5 yr 7 yr 10 yr 30 yr
- --------------------------------------------------------------------------------------
Yield 4.6390 4.6820 5.0000 5.5570 5.6020 5.6470 5.6920 5.7635 5.8350 6.0760
Yield Maintenance Treasury Curve
- --------------------------------------------------------------------------------------
Term 3 mo 6 mo 1 yr 2 yr 3 yr 4yr 5 yr 7 yr 10 yr 30 yr
- --------------------------------------------------------------------------------------
Yield 4.6390 4.6820 5.0000 5.5570 5.6020 5.6470 5.8920 5.7685 5.8350 6.0160
</TABLE>
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisors. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with Securities and Exchange Commission (the "SEC") and
incorporated by reference into an effective registration statement previously
filed with the SEC under Rule 415 of the Securities Act of 1933, including in
cases where the material does not pertain to securities that are ultimately
offered for sale pursuant to such registration statement. Information contained
in this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. Any
information in this material, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you. This
material is furnished solely by Goldman, Sachs & Co. Goldman, Sachs & Co. is
acting as underwriter.
<PAGE>
MSCI Series 1999-LIFE1
Class X
Goldman, Sachs & Co. User: Sanjay Waghani
MSCI 99LIFE1RED X Generated: 07/26/99 12:02 PM Page:1
- --------------------------------------------------------------------------------
Coupon: -1,000 Settlement: 08/10/99
Original Balance: 612,711,795 Next Proj: 09/15/99
Current Balance: 612,711,795 Stated Final: 00/00/00
Factor: 1.00000000 Next Payment: 09/15/99
Delay: 14 Factor Date: 08/15/99
Cusip: Frequency: Monthly
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NetWAC GrWAC WAM WALA Term Svc Bal
Min 6.446% 6.510% 110.0 119.0 0.064% 720,221
Avg 7.277% 7.367% 121.0 2.3 306.4 0.090% 4,749,704
Max 8.486% 8.620% 238.0 11.0 369.0 0.134% 29,706,627
Number of Assets: 129 Total Balance: 612,711,795
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Prepay Lockout Period 0 CPR 0 CPR 0 CPR 0 CPR 0 CPR
YldMaint Period 0 CPR 0 CPR 0 CPR 0 CPR 0 CPR
%Penalty Period 0 CPR 20 CPR 50 CPR 80 CPR 100 CPR
Open Period 0 CPR 20 CPR 50 CPR 80 CPR 100 CPR
Default Rate 0 SDA 0 SDA 0 SDA 0 SDA 0 SDA
Severity/MthLiq 0/0 0/0 0/0 0/0 0/0
Balloon Ext 0 mos 0 mos 0 mos 0 mos 0 mos
Call Yes Yes Yes Yes Yes
Apply Penalty No No No No No
Yld. Maint. Shift 0 bp 0 bp 0 bp 0 bp 0 bp
Price Output
1-11+ Yield 14.283 14.268 14.244 14.201 13.973
Int Spr 846/9.5 845/9.5 842/9.4 838/9.4 818/9.2
1-19+ Yield 9.683 9.667 9.637 8.588 9.322
Int Spr 386/9.5 385/9.5 382/9.4 377/9.4 351/9.2
1-27+ Yield 6.091 6.074 6.041 5.986 5.686
Int Spr 27/9.5 25/9.5 22/9.4 17/9.4 -13/9.2
AvgLife 9.465 9.457 9.441 9.414 9.249
Window 09/99-09/13 09/99-09/13 09/99-09/13 09/99-09/13 09/99-09/13
PrincLoss%
</TABLE>
<TABLE>
<CAPTION>
Treasury Curve
- --------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Term 3 mo 6 mo 1 yr 2 yr 3 yr 4yr 5 yr 7 yr 10 yr 30 yr
- --------------------------------------------------------------------------------------
Yield 4.6380 4.6820 5.0000 5.5570 5.6020 5.6470 5.6920 5.7835 5.8960 6.0160
Yield Maintenance Treasury Curve
- --------------------------------------------------------------------------------------
Term 3 mo 6 mo 1 yr 2 yr 3 yr 4yr 5 yr 7 yr 10 yr 30 yr
- --------------------------------------------------------------------------------------
Yield 4.6390 4.6820 5.0000 6.5570 5.6020 5.6470 5.8920 5.7635 5.8350 6.0160
</TABLE>
No securities are being offered by these summary materials. If the securities
described herein or other securities are ultimately offered, they will be
offered only pursuant to a definitive offering circular, and prospective
investors who consider purchasing any such securities should make their
investment decision based only upon the information provided therein and
consultation with their own advisors. This material is for your private
information and we are not soliciting any action based upon it. This material
is not to be construed as an offer to sell or the solicitation of any offer to
buy security in any jurisdiction where such an offer or solicitation would be
illegal. This material is based on information that we consider reliable, but
we do not represent that it is accurate or complete and it should not be relied
upon as such. By accepting this material the recipient agrees that it will not
distribute or provide the material to any other person. The information
contained in this material may not pertain to any securities that will actually
be sold. The information contained in this material may be based on assumptions
regarding market conditions and other matters as reflected therein. We make no
representations regarding the reasonableness of such assumptions or the
likelihood that any of such assumptions will coincide with actual market
conditions or events, and this material should not be relied upon for such
purposes. We and our affiliates, officers, directors, partners and employees,
including persons involved in the preparation or issuance of this material may,
from time to time, have long or short positions in, and buy and sell, the
securities mentioned therein or derivatives thereof (including options). This
material may be filed with Securities and Exchange Commission (the "SEC") and
incorporated by reference into an effective registration statement previously
filed with the SEC under Rule 415 of the Securities Act of 1933, including in
cases where the material does not pertain to securities that are ultimately
offered for sale pursuant to such registration statement. Information contained
in this material is current as of the date appearing on this material only.
Information in this material regarding any assets backing any securities
discussed herein supersedes all prior information regarding such assets. Any
information in this material, whether regarding the assets backing any
securities discussed herein or otherwise, will be superseded by the information
contained in any final prospectus for any securities actually sold to you.
This material is furnished solely by Goldman, Sachs & Co. Goldman, Sachs & Co.
is acting as underwriter.
