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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K/A
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 22, 1995
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
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(Exact name of registrant as specified in its charter)
DELAWARE
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(State or other jurisdiction of incorporation)
33-91148 13-3526694
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(Commission File Number) (IRS Employer Identification No.)
ONE SEAPORT PLAZA, 26TH FLOOR, NEW YORK, NEW YORK 10292
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 778-1000
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Not applicable
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(Former name or former address, if changed since last report)
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ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS
Exhibit 99 Preliminary Structural Term Sheet Relating to Prudential
Securities Secured Financing Corporation, Commercial
Mortgage Pass-Through Certificates, Series 1995-MCF-2.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as
amended, the Registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
PRUDENTIAL SECURITIES SECURED
FINANCING CORPORATION
(Registrant)
DATE: December 26, 1995 BY: /s/ Peter Riemenschneider
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Peter Riemenschneider
Vice President
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EXHIBIT INDEX
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Exhibit
No. Description
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99 Preliminary Structural Term Sheet Relating to Prudential
Securities Secured Financing Corporation, Commercial
Mortgage Pass-Through Certificates, Series 1995-MCF-2.
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DATED: December 10, 1995
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
MIDLAND COMMERCIAL FINANCING CORP. (SELLER)
COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATES, SERIES 1995-MCF2
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INVESTOR PRELIMINARY COMPUTATIONAL MATERIALS
PRELIMINARY STRUCTURAL TERM SHEET
<TABLE>
<CAPTION>
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Princ. NWAC- Average Life Principal Window -
Amt. Initial Maturity / Maturity / Sub.
Class Fitch/ Duff/ S&P ($mln) Coupon Price To Call To Call Level
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<S> <C> <C> <C> <C> <C> <C> <C>
A-1 AAA / AAA / AAA $75.4 TBA TBA 5.528 / 5.528 0 - 7.739 / 0 - 7.739 37.0%
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A-2 * AAA / AAA / AAA $65.4 TBA TBA 9.578 / 9.578 7.739 - 10.822 / 37.0%
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A-EC* AAA / AAA / AAA n/a TBA TBA 8.701 / 8.701 n/a n/a
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B * AAA / AAA / AA $ 8.9 TBA TBA 10.943 / 10.896 10.822 - 11.2 / 10.822 - 11 33.0%
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C AA / AA / A+ $13.4 TBA TBA 11.590 / 10.989 11.239 - 11.822 / 11 - 11 27.0%
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D AA- / A+ / A- $ 8.9 TBA TBA 11.896 / 10.989 11.822 - 11.989 / 11 - 11 23.0%
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E BBB / BBB / BBB- $15.7 TBA TBA 12.141 / 10.989 11989 - 12.739 / 11 - 11 16.0%
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F * BBB- / BBB- / NR $ 5.6 8.564% TBA 13.102 / 10.989 12.739 - 13.489 / 11 - 11 13.5%
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</TABLE>
* These Certificate Classes will not be offered publicly.
ISSUER: Prudential Securities Secured Funding Corporation, Mortgage
Pass-Through Certificates, Series 1995-MCF2.
THE CERTIFICATES: Fixed rate commercial mortgage-backed securities having an
estimated aggregate initial Certificate Balance of $113.4 Million will be the
subject of a public offering. Fixed rate commercial mortgage-backed securities
of approximately $79.9 million in aggregate initial Certificate Balance will be
offered privately.
RATING AGENCIES: Fitch Investors Service, Duff & Phelps and Standard & Poor's
UNDERWRITER: Prudential Securities Incorporated
CUT-OFF DATE: December 1, 1995 (except for loans originated after December 1, in
which case the date of origination).
INTEREST ACCRUAL PERIOD: 1st to the 1st (24 day delay)
ANTICIPATED CLOSING DATE: December 28, 1995
FIRST DISTRIBUTION DATE: January 25, 1995
RATED FINAL DISTRIBUTION DATE: July 25, 2022
MASTER SERVICER: Midland Loan Services, L.P.
SPECIAL SERVICER: Lennar Partners, Inc.
TRUSTEE: LaSalle National Trust, N.A. / ABN Amro Bank, N.V.
ADVANCING: Yes: through liquidation. No advance of balloon amounts.
EXPECTED PRICING DATE: December 15, 1995
MINIMUM DENOMINATION: $100,000
DELIVERY: The investment grade Certificate Classes may be offered through the
DTC, CEDE & Co.
SMMEA: None of the Classes is SMMEA eligible
TAX TREATMENT: REMIC
ALLOCATION OF PREPAYMENT PENALTIES:
- - Yield Maintenance prepayment premiums will be allocated to Classes entitled
to principal distributions in the amount of a modified "make whole" of the
differential cash flow discounted at Treasury + 50 basis points (Treasury
term equal to remaining average life of the respective class). The remainder
will go to Class A-EC. If two or more classes are entitled to principal
distributions, prepayment premium is allocated pro-rata.
- - Fixed prepayment premiums are allocated to Class A-EC.
SUBORDINATION: The following table ranks the Classes from most senior to most
junior:
Class: A-1, A-2 and A-EC (pari passu with respect to losses and interest);
B; C; D; E; F; G; H; J-1; J-2.
PRINCIPAL PAYMENT DISTRIBUTION: Sequential in order of subor-dination.
SERVICER CALL: Right to buy mortgages at par if total outstan-ding scheduled
principle balance is less than 10% of original balance.
AUCTION CALL: Trustee required to hold an auction and use proceeds to liquidate
the Trust on the earliest Distribution Date after December 1st of each year,
from and including 2006, if the value of mortgage loans equals or exceeds the
outstanding certificate balance and estimated proceeds are sufficient to redeem
all outstanding certificates in full.
COLLATERAL: 84 fixed rate loans and one participation, totalling approximately
$223.6 million, average principal balance of $2.624 million, Wtd. Avg. DSCR:
1.37, Wtd. Avg. LTV: 65.9%, Retail: 43.96%, Multifamily: 20.91%, Industrial:
7.70%, Office: 6.19%, Other: 21.25%.
Prospective investors are advised to read carefully, and should rely solely on,
the preliminary prospectus supplement, final prospectus and final prospectus
supplement (the Final Prospectus ) relating to the securities referred to
herein in making their investment decision. This Investor Preliminary
Structural Term Sheet ( Structural Term Sheet ) does not include all relevant
information relating to the securities described herein, particularly with
respect to the risks and special considerations associated with an investment
in such securities. All structural information contained herein is preliminary
and it is anticipated that such information will change. Any information
contained herein will be more fully described in, and will be fully superseded
by, the descriptions of the structure in the final prospectus supplement and
Final Prospectus. Although the information contained in this Structural Term
Sheet is based on sources which Prudential Securities Incorporated (PSI)
believes to be reliable, PSI makes no representation or warranty that such
information is accurate or complete. Such information should not be viewed as
projections, forecasts, predictions or opinions with respect to value. PSI and
its affiliates may in the future have a position in the securities discussed
herein and may purchase or sell the same on a principal basis or as agent for
another person. In addition, PSI and certain of its affiliates may currently
be providing investment banking and other services to the issuer of such
securities and the borrowers and their affiliates. Prior to making any
investment decision, a prospective investor should receive and fully review the
Final Prospectus. NOTHING HEREIN SHOULD BE CONSIDERED AN OFFER TO SELL OR
SOLICITATION OF AN OFFER TO BUY ANY SECURITIES.
PRUDENTIAL SECURITIES INCORPORATED
