SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
DATE OF REPORT: OCTOBER 18, 1999
- ---------------------------------
(Date of earliest event reported)
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
(Exact name of registrant as specified in its charter)
Delaware 333-51771 13-3320910
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(State or Other (Commission (I.R.S. Employer
Jurisdiction File Number) Identification No.)
of Incorporation)
11 Madison Avenue, New York, New York 10010-3629
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Address of Principal Executive Office
Registrant's telephone number, including area code: (212) 325-3629
<PAGE>
ITEM 5. OTHER EVENTS.
Attached as Exhibit 99.1 to this Current Report is a collateral and
structural term sheet (the "Collateral and Structural Term Sheet") in respect of
the Registrant's Commercial Mortgage Pass-Through Certificates, Series 1999-C1
(the "Certificates"). The Certificates are being offered pursuant to a
Prospectus and related Prospectus Supplement (together, the "Prospectus"), which
has been filed with the Commission pursuant to Rule 424(b)(5) under the
Securities Act of 1933, as amended (the "Act"). The Certificates have been
registered pursuant to the Act under a Registration Statement on Form S-3 (No.
333-51771) (the "Registration Statement"). The Registrant hereby incorporates
the Collateral and Structural Term Sheet by reference in the Registration
Statement.
Any statement or information contained in the Collateral and
Structural Term Sheet shall be deemed to be modified or superseded for purposes
of the Prospectus and the Registration Statement by statements or information
contained in the Prospectus.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
(c) Exhibits
Exhibit No. Description
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99.1 Collateral and Structural Term Sheet
<PAGE>
Pursuant to the requirements of the Securities Act of 1934, the
Registrant has duly caused this report to be signed on behalf of the Registrant
by the undersigned thereunto duly authorized.
CREDIT SUISSE FIRST BOSTON
MORTGAGE SECURITIES CORP.
By: /S/ ALLAN BAUM
---------------------------------
Name: Allan Baum
Title: Vice President
Date: October 19, 1999
<PAGE>
EXHIBIT INDEX
Exhibit No. Description Paper (P) or Electronic (E)
- ----------- ----------- ---------------------------
99.1 Collateral and Structural Term Sheet E
[Two graphics were omitted from the bottom of each page in this report that
consisted of the corporate logos of Credit Suisse First Boston and Morgan
Stanley Dean Witter.]
OCTOBER 1999 CONFIDENTIAL
INVESTOR INFORMATION
CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORP.
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES
SERIES 1999-C1
Credit Suisse First Boston Morgan Stanley Dean Witter
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Under no circumstances shall the information presented hereby constitute an
offer to sell or the solicitation of an offer to buy any security, nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation
("CSFB") and Morgan Stanley Mortgage & Co. Incorporated ("MS") provide to you
information in connection with your considering the purchase of certain
securities described herein. The attached information is being provided to you
for informative purposes only in response to your specific request. The
information contained herein has been compiled by CSFB and MS from sources that
CSFB and MS believe to be reasonably reliable. However, CSFB and MS make no
representation or warranty as to the accuracy or completeness of such
information and you must make your own determination as to whether the
information is appropriate and responsive to your request. Any investment
decision with respect to the securities described herein should be made solely
on the results of your own due diligence with respect to the securities referred
to herein and only upon your review of the prospectus and prospectus supplement.
This information may not be delivered by you to any other person without CSFB's
and MS's prior written consent. CSFB and MS may from time to time perform
investment banking services for or solicit investment banking business from any
company named in the information herein. CSFB and MS and/or their employees may
from time to time have a long or short position in any security discussed
herein.
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<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
TABLE OF CONTENTS
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PAGE
1. OVERVIEW
2. COLLATERAL OVERVIEW
3. PROPERTY TYPES
4. GEOGRAPHIC DISTRIBUTION
5. UNDERWRITING CHARACTERISTICS
6. CALL PROTECTION PROVISIONS
7. CERTIFICATE DESCRIPTION
8. TOP TEN MORTGAGE LOANS
9. MARKET ISSUES - HOTELS
10. MARKET ISSUES - CREDIT TENANT LEASE LOAN - ACCOR LOANS
11. MARKET ISSUES - RETAIL
12. MARKET ISSUES - SUBORDINATE FINANCINGS
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Under no circumstances shall the information presented hereby constitute an
offer to sell or the solicitation of an offer to buy any security, nor shall
there be any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or qualification
for an exemption from such registration under the securities laws of such
jurisdiction. You have requested that Credit Suisse First Boston Corporation
("CSFB") and Morgan Stanley Mortgage & Co. Incorporated ("MS") provide to you
information in connection with your considering the purchase of certain
securities described herein. The attached information is being provided to you
for informative purposes only in response to your specific request. The
information contained herein has been compiled by CSFB and MS from sources that
CSFB and MS believe to be reasonably reliable. However, CSFB and MS make no
representation or warranty as to the accuracy or completeness of such
information and you must make your own determination as to whether the
information is appropriate and responsive to your request. Any investment
decision with respect to the securities described herein should be made solely
on the results of your own due diligence with respect to the securities referred
to herein and only upon your review of the prospectus and prospectus supplement.
This information may not be delivered by you to any other person without CSFB's
and MS's prior written consent. CSFB and MS may from time to time perform
investment banking services for or solicit investment banking business from any
company named in the information herein. CSFB and MS and/or their employees may
from time to time have a long or short position in any security discussed
herein.
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<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
<TABLE>
<CAPTION>
OVERVIEW (1)
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<S> <C>
o CSFB 1999-C1: $1.19 Billion (approximate) Conduit
o CO-LEAD MANAGERS Credit Suisse First Boston Corporation ("CSFB")
AND JOINT BOOKRUNNERS: Morgan Stanley & Co. Incorporated ("MS")
o MORTGAGE LOAN SELLERS: Credit Suisse First Boston Mortgage Capital LLC(86%)
Morgan Stanley Mortgage Capital Inc. (14%)
o RATING AGENCIES: Duff & Phelps
Fitch IBCA
Moody's
o SPECIAL SERVICER: Lennar Partners, Inc.
o MASTER SERVICER: Wells Fargo Bank, NA
o TRUSTEE: The Chase Manhattan Bank
o CERTIFICATE ADMINISTRATOR: Norwest Bank Minnesota, NA
o INFORMATION (OCT. 11-15): Preliminary Prospectus ("Reds")
Rating Agency Pre-Sale Reports
Collateral & Structural Term Sheet
o THIRD PARTY MODELS: Conquest
Trepp
Intex
o PRICING: Week November 1, 1999
o CLOSING: On or about November 5, 1999
<FN>
(1) All percentages and dollar amounts referred to herein are approximate.
</FN>
</TABLE>
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
COLLATERAL OVERVIEW
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o INITIAL POOL BALANCE (1): $1,187,129,449
o NUMBER OF MORTGAGE LOANS: 153 loans
o NUMBER OF MORTGAGED PROPERTIES: 192
o AVERAGE MORTGAGE LOAN BALANCE: $7.76 million
o TOP THREE LOANS (% OF POOL): 13%
o TOP TEN LOANS (% OF POOL): 34%
o WEIGHTED AVERAGE DSCR (2): 1.41x
o WEIGHTED AVERAGE LTV (2): 67%
o WEIGHTED AVERAGE BALLOON/ARD LTV (2): 59%
o WEIGHTED AVERAGE REMAINING TERM (3): 119 months
o WEIGHTED AVERAGE REMAINING LOCK-OUT
PLUS YIELD MAINTENANCE: 114 months
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(1) Subject to a permitted variance of plus or minus 5%.
(2) Excluding the credit lease loans.
(3) To the earlier of Maturity or Anticipated Repayment Date.
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
PROPERTY TYPES
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o PROPERTY TYPE - % BY POOL BALANCE
[A graphic was omitted that consisted of a pie chart that indicated the
percentage of the types of properties in the Intial Pool Balance.]
LESS THAN 3%
UNANCHORED RETAIL 2.8%
EXTENDED STAY LODGING 2.4%
SPECIAL PURPOSE 2.3%
SELF-STORAGE 1.5%
MANUFACTURED HOUSING COMMUNITIES 0.2%
CREDIT LEASE 3.4%
LIMITED SERVICE LODGING 3.6%
COOPERATIVE 3.9%
FULL SERVICE LODGING 4.2%
MIXED USE 6.3%
INDUSTRIAL 6.6%
MULTIFAMILY 15.1%
OFFICE 29.9%
ANCHORED RETAIL 17.9%
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
GEOGRAPHIC DISTRIBUTION
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o LOCATION - % BY POOL BALANCE
[A graphic was omitted that consisted of a map of the United States that
illustrated the number of properties in each state and their respective
percentage of the Initial Pool Balance by state.]
IDAHO
1 property
$3,538,619
0.3% of total
UTAH
1 property
$6,689,444
0.6% of total
SOUTH DAKOTA
1 property
$2,393,088
0.2% of total
MISSOURI
4 properties
$29,898,309
2.5% of total
MINNESOTA
2 properties
$23,109,325
1.9% of total
ILLINOIS
5 properties
$15,518,796
1.3% of total
WISCONSIN
1 property
$9,343,927
0.8% of total
INDIANA
6 properties
$30,876,066
2.6% of total
OHIO
3 properties
$9,599,114
0.8% of total
PENNSYLVANIA
3 properties
$33,376,878
2.8% of total
MASSACHUSETTS
6 properties
$55,087,558
4.6% of total
CONNECTICUT
9 properties
$4,609,346
0.4% of total
NEW YORK
22 properties
$251,732,951
21.2% of total
NEW JERSEY
8 properties
$37,367,315
3.1% of total
MARYLAND
3 properties
$13,635,251
1.1% of total
WASHINGTON, DC
2 properties
$41,002,306
3.5% of total
VIRGINIA
1 property
$9,491,226
0.8% of total
WEST VIRGINIA
1 property
$6,993,787
0.6% of total
TENNESSEE
1 property
$2,247,460
0.2% of total
NORTH CAROLINA
4 properties
$15,736,942
1.3% of total
GEORGIA
4 properties
$12,436,780
1.0% of total
SOUTH CAROLINA
2 properties
$3,626,107
0.3% of total
FLORIDA
11 properties
$102,758,714
8.7% of total
PUERTO RICO
1 property
$38,774,229
3.3% of total
KENTUCKY
1 property
$3,997,256
0.3% of total
MISSISSIPPI
1 property
$1,499,030
0.1% of total
ARKANSAS
1 property
$632,896
0.1% of total
TEXAS
13 properties
$43,498,766
3.7% of total
NEW MEXICO
2 properties
$7,755,877
0.7% of total
ARIZONA
7 properties
$20,031,455
1.7% of total
COLORADO
8 properties
$55,804,753
4.7% of total
CALIFORNIA
48 properties
$214,766,958
18.1% of total
NEVADA
2 properties
$808,010
0.1% of total
OREGON
1 property
$10,942,638
0.9% of total
WASHINGTON
6 properties
$67,548,276
5.7% of total
Less than 1.00% of Cut-Off Date Allocated Loan Amount [ ]
1.00-5.99% of Cut-Off Date Allocated Loan Amount [ ]
6.00-9.99% of Cut-Off Date Allocated Loan Amount [ ]
Greater than 9.99% of Cut-Off Date Allocated Loan Amount [ ]
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
UNDERWRITING CHARACTERISTICS
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% OF INITIAL NUMBER OF
POOL BALANCE MORTGAGE LOANS
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Funded Reserves(1)
Taxes 99% 137
Insurance 94 128
CapEx/Replacement Reserves 85 106
TI & LC (2) 83 64
Cash Management
Hard Lockbox 44% 33
Springing Lockbox 36 50
None 19 70
Borrower
Single Purpose Entity 95% 123
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(1) Includes loans with funded and/or collected reserves. Excluding the credit
lease loans.
(2) Includes office, retail, industrial and mixed use properties. Percent of
office, retail and industrial properties.
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
CALL PROTECTION PROVISIONS
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o CALL PROTECTION BY PREPAYMENT RESTRICTIONS CATEGORIES (1)
[A graphic was omitted that consisted of a horizontal bar graph illustrating the
interest payments and principal windows of each class of certificates.]
Note: Any unplotted amounts are assumed zero; may not add up to 100% due to
rounding.
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(1) Any unplotted amounts are assumed to be zero; may not add up to 100% due
to rounding
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
CERTIFICATE DESCRIPTION
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<TABLE>
<CAPTION>
AVERAGE EXPECTED
EXPECTED CERTIFICATE % OF CREDIT LIFE PRINCIPAL
CLASS RATING(1) BALANCE (2) TRANSACTION ENHANCEMENT (YEARS)(3) WINDOW(3)
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<S> <C> <C> <C> <C> <C> <C>
A-1 AAA/AAA/Aaa $199,500,000 16.81% 26.50% 5.70 11/99-01/08
A-2 AAA/AAA/Aaa 673,000,000 56.69 26.50 9.42 01/08-09/09
A-X AAA/AAA/Aaa 1,187,129,449 NAP NAP 9.15 11/99-03/19
B AA/AA/Aa2 53,400,000 4.50 22.00 9.86 09/09-09/09
C A/A/A2 59,400,000 5.00 17.00 9.86 09/09-09/09
D A-/A-/A3 14,800,000 1.25 15.75 9.86 09/09-09/09
E BBB/BBB/Baa2 41,600,000 3.50 12.25 9.86 09/09-09/09
F BBB-/BBB-/Baa3 20,700,000 1.75 10.50 9.93 09/09-10/09
G(4) NR/BB+/NR 32,700,000 2.75 7.75 9.94 10/09-10/09
H(4) NR/BB/NR 23,700,000 2.00 5.75 9.97 10/09-11/09
J(4) NR/BB-/NR 11,900,000 1.00 4.75 10.03 11/09-11/09
K(4) NR/B+/NR 11,900,000 1.00 3.75 10.07 11/09-06/10
L(4) NR/NR/B2 16,000,000 1.35 2.40 12.79 06/10-09/13
M(4) NR/NR/B3 9,500,000 0.80 1.60 15.32 09/13-06/17
N(4) NR/CCC/NR 7,100,000 0.60 1.00 18.89 06/17-03/19
O(4) NR/NR/NR 11,929,449 1.00 0.00 19.36 03/19-03/19
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<FN>
(1) Ratings shown are those of Duff & Phelps, FitchIBCA and Moody's
respectively. Classes marked "NR" will not be rated by the applicable
Rating Agency.
(2) Subject to a permitted variance of plus or minus 5%.
(3) Based on the Mortgage Loan Assumptions and Prepayment Assumptions,
assuming 0% CPR.
(4) Private Certificates not offered by the Prospectus and Prospectus
Supplement.
</FN>
</TABLE>
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
TOP TEN MORTGAGE LOANS
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<TABLE>
<CAPTION>
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PROPERTY PROPERTY PROPERTY PRINCIPAL % OF UNITS/ LOAN PER
NAME TYPE LOCATION BALANCE POOL BALANCE SF UNIT/SF DSCR LTV
- --------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Exchange Apartments(1) Multifamily New York, NY $58,000,000 4.9% 345 $168,116 1.48x 46.0%
Selig Loans Office Seattle, WA 51,092,418 4.3 620,831 82 1.24 52.6
Tallahassee Mall Retail Tallahassee, FL 47,937,104 4.0 973,973 49 1.15 70.1
ACCOR Loans Credit Lease Various Cities 40,282,058 3.4 1,224 32,910 N/A N/A
Hato Rey Tower Office San Juan, PR 38,774,229 3.3 346,231 112 1.25 73.9
L'Enfant Plaza Mixed Use Washington, DC 37,204,671 3.1 889,438(2) 133(2) 1.39 65.9
Holiday Inn-Broadway Lodging New York, NY 36,000,000 3.0 531 67,797 1.94 43.9
Scholastic Building Office New York, NY 33,965,600 2.9 225,000 151 1.49 77.2
Blue Hills Office Park Office Canton, MA 33,149,000 2.8 273,863 121 1.20 78.9
150 William Street Office New York, NY 29,440,579 2.5 477,572 62 1.20 72.3
Total/Weighted Avg. $405,845,659 34.2% 1.37x(3) 62.9%(3)
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<FN>
(1) For Exchange Apartments Note A only.
(2) Reflects office square footage and the allocated loan per square foot for
the office space. The hotel has 370 rooms and an allocated loan per room
of $83,660.
(3) Excluding the ACCOR Loans.
</FN>
</TABLE>
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
MARKET ISSUES
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o HOTELS
% of Pool: 10.1%
Average Balance(1): $6,679,589
Largest Loan (% ofdellwant pool): 3.0%
Weighted Average DSCR: 1.78x
Weighted Average LTV: 58%
Weighted Average Loan per Key: $47,636
Full Service or Luxury (% of pool): 4.2%
Limited Service (% of pool): 3.6%
Extended Stay (% of pool): 2.4%
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(1) Based on allocated balance by property.
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
MARKET ISSUES
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o CREDIT TENANT LEASE LOAN - ACCOR LOANS
% of Pool: 3.4%
Loan Balance: $40,282,058
Company Description: ACCOR is a global hospitality and
travel group with activities in
tourism, institutional catering,
vouchers and auto rental. ACCOR has
approximately 130,000 employees and
operations in over 130 countries.
ACCOR operates one of the world's
largest hotel networks ranging from
limited service hotels to resort
hotels and including such brands as
Sofitel, Ibis, Novotel, Formula 1
and Motel 6. ACCOR also operates
one of the world's largest service
voucher programs with approximately
10 million users on three
continents, as well as operating one
of the largest business travel
agency networks and Europe's largest
car rental operation.
S&P Long Term
Foreign Issuer Rating: "BBB"
S&P Outlook: Negative
Market Cap(1): / /7.55 billion
1998 Revenues(2): / /5.623 billion
1998 EBITDA(2): / /949 million
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(1) Source: Bloomberg, October 14, 1999
(2) ACCOR 1998 Annual Report
<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
MARKET ISSUES
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o RETAIL
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# OF % OF SQUARE % OF RETAIL
PROPERTIES POOL FEET SQUARE FEET
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Anchored Retail 29 18% 3,685,197 92%
Unanchored Retail 13 3 316,124 8
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<PAGE>
CONFIDENTIAL
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CSFB 1999-C1
MARKET ISSUES
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o SUBORDINATE FINANCINGS(1)
% of Pool: 14.8%
Balance of Subordinate Financings(2): $57.2 million
% of Pool with Subordinate
Financing Held by Originator: 3.1%
% of Pool with Subordinate
Financing Held by Third Party: 11.7%
Weighted Average LTV(3): 55.5%
Weighted Average Aggregate LTV(4): 73.5%
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(1) Includes mezzanine debt, preferred equity and secured second mortgages.
Excludes loans secured by cooperative properties.
(2) Includes only the allocated portions of the Selig Mezzanine Loan, L'Enfant
Mezzanine Loan and L'Enfant Preferred Equity Interest.
(3) Percentage indicates LTV for the Loans included in the Trust Fund
(excluding the subordinate financings) and the L'Enfant Whole Loan.
(4) Includes the aggregate of the Exchange Apartments Loans, the allocated
portion of the Selig Mezzanine Loan and the Aggregate of the L'Enfant
Notes, L'Enfant Mezzanine Loan and L'Enfant Preferred Equity Interest.
