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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
Date of Report (Date of earliest event reported): December 15, 2000
LONG BEACH SECURITIES CORP.
(AS DEPOSITOR UNDER THE POOLING AND SERVICING AGREEMENT,
DATED AS OF DECEMBER 1, 2000, PROVIDING FOR THE ISSUANCE OF
ASSET-BACKED CERTIFICATES,
SERIES 2000-1)
Long Beach Securities Corp.
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(Exact name of registrant as specified in its charter)
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Delaware 333-41712 33-0917586
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification Number)
1100 Town & Country Road
Suite 1600
Orange, California 92868
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code: (714) 541-5378
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Item 2. Acquisition or Disposition of Assets
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Description of the Certificates and the Mortgage Pool
On December 15, 2000, a single series of certificates,
entitled Long Beach Mortgage Loan Trust, Asset-Backed Certificates, Series
2000-1 (the "Certificates"), were issued pursuant to a pooling and servicing
agreement, dated as of December 1, 2000 (the "Agreement"), attached hereto as
Exhibit 4.1, among Long Beach Securities Corp. as depositor (the "Depositor"),
Long Beach Mortgage Company ("Long Beach") as master servicer (the "Master
Servicer"), First Union National Bank as trustee (the "Trustee") and Bankers
Trust Company of California, N.A. as trust administrator (the "Trust
Administrator"). The Certificates consist of eleven classes of certificates
(collectively, the "Certificates"), designated as the "Class AF-1 Certificates",
"Class AF-2 Certificates", "Class AF-3 Certificates", "Class AF-4 Certificates",
"Class AV-1 Certificates", "Class M-1 Certificates", "Class M-2 Certificates",
"Class M-3 Certificates", "Class C Certificates", "Class P Certificates" and
"Class R Certificates". The Certificates evidence in the aggregate the entire
beneficial ownership interest in a trust fund (the "Trust Fund"), consisting of
a pool of mortgage loans (the "Mortgage Pool") of conventional, one- to four-
family, adjustable rate, first lien mortgage loans having original terms to
maturity up to 30 years (the "Mortgage Loans"). The Mortgage Pool consist of
Mortgage Loans having an aggregate principal balance of $1,000,000594.71 as of
December 1, 2000 (the "Cut-off Date"). The Mortgage Loans were purchased
pursuant to the Mortgage Loan Purchase Agreement, dated December 12, 2000 (the
"Purchase Agreement") between Long Beach and the Depositor. The Class AF-1
Certificates, the Class AF-2 Certificates, the Class AF-3 Certificates, the
Class AF-4 Certificates, Class AV-1 Certificates, the Class M-1 Certificates,
the Class M-2 Certificates and the Class M-3 Certificates were sold by the
Depositor to Deutsche Bank Securities Inc. (the "Underwriter"), pursuant to an
Underwriting Agreement, dated December 12, 2000 (the "Underwriting Agreement")
among the Depositor, Long Beach and the Underwriter.
The Certificates have the following initial Certificate
Balances and Pass-Through Rates:
<TABLE>
<CAPTION>
Initial Certificate
Class Principal Balance or Pass-Through Rate
Notional Amount
<S> <C> <C>
AF-1 $ 16,810,000.00 Variable
AF-2 $ 18,388,000.00 Variable
AF-3 $ 22,472,000.00 Variable
AF-4 $ 7,300,000.00 Variable
AV-1 $ 825,030,000.00 Variable
M-1 $ 37,500,000.00 Variable
</TABLE>
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<TABLE>
<CAPTION>
Initial Certificate
Class Principal Balance or Pass-Through Rate
Notional Amount
<S> <C> <C>
M-2 $ 35,000,000.00 Variable
M-3 $ 17,500,000.00 Variable
C $ 20,000494.71 Variable
P $ 100 N/A
R 100% N/A
</TABLE>
The Certificates, other than the Class C Certificates, the
Class P Certificates and the Class R Certificates, and the Mortgage Loans are
more particularly described in the Prospectus, dated December 12, 2000, and the
Prospectus Supplement, dated December 12, 2000, as previously filed with the
Securities and Exchange Commission pursuant to Rule 424(b). The Class C
Certificates, the Class P Certificates and the Class R Certificates have not
been and will not be publicly offered by the Depositor. Capitalized terms used
but not otherwise defined herein shall have the meanings assigned to them in the
Prospectus Supplement.
Item 7. Financial Statements and Exhibits
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(a) Not applicable
(b) Not applicable
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No. Description
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<S> <C>
4.1 Pooling and Servicing Agreement, dated as of December 1,
2000, by and among Long Beach Securities Corp. as
Depositor, Long Beach Mortgage Company as Master
Servicer, First Union National Bank as Trustee and Bankers
Trust Company of California, N.A. as Trust Administrator,
relating to the Series 2000-1 Certificates.
</TABLE>
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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: December 15, 2000
LONG BEACH SECURITIES CORP.
By: /s/ Jeffery A Sorensen
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Name: Jeffery A Sorensen
Title: Vice President
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<TABLE>
<CAPTION>
Index to Exhibits
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Sequentially
Exhibit No. Description Numbered Page
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<S> <C> <C>
4.1 Pooling and Servicing Agreement, dated as of __
December 1, 2000, by and among Long Beach
Securities Corp. as Depositor, Long Beach
Mortgage Company as Master Servicer, First
Union National Bank as Trustee and Bankers
Trust Company of California, N.A. as Trust
Administrator, relating to the Series 2000-1
Certificates.
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