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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
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Date of Report (Date of earliest event reported): June 29, 2000
PRUDENTIAL SECURITIES SECURED FINANCING CORPORATION
(Exact name of registrant as specified in its charter)
Delaware 333-75489 13-3526694
(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
One New York Plaza 10292
New York, New York (Zip Code)
(Address of Principal
Executive Offices)
Registrant's telephone number, including area code: (212) 778-1000
No Change
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(Former name or former address, if changed since last report)
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Item 2. Acquisition or Disposition of Assets
Description of the Notes and the Mortgage Loans
Prudential Securities Secured Financing Corporation registered
issuances of up to $1,500,000,000 principal amount of Mortgage-Backed Notes on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, as amended (the "Act"), by the Registration Statements on Form S-3
(Registration File No. 333-75489) (as amended, the "Registration Statement").
Pursuant to the Registration Statement, ABFS Mortgage Loan Trust 2000-2 (the
"Trust") issued approximately $300,000,000 in aggregate principal amount of its
Backed Notes Certificates (the "Notes"), on June 29, 2000. This Current Report
on Form 8-K is being filed to satisfy an undertaking to file copies of certain
agreements executed in connection with the issuance of the Certificates, the
forms of which were filed as Exhibits to the Registration Statement.
The Notes were issued pursuant to an Indenture (the "Indenture")
attached hereto as Exhibit 4.1, dated as of June 1, 2000, between ABFS Mortgage
Loan Trust 2000-2 (the "Trust") and The Chase Manhattan Bank, in its capacity as
indenture trustee (the "Indenture Trustee"). The Notes consist of two classes of
senior notes, the Class A-1 Notes (the "Class A-1 Notes") and the Class A-2
Notes (the "Class A-2 Notes", and, collectively with the Class A-1 Notes, the
"Class A Notes") and one class of Trust Certificates (the "Trust Certificates").
Only the Class A Notes were offered. The Notes initially evidenced, in the
aggregate, 100% of the undivided beneficial ownership interests in the Trust.
The assets of the Trust consist primarily of fixed-rate, closed-end,
conventional, monthly pay, generally fully amortizing, business and consumer
purpose residential home equity or commercial loans (the "Mortgage Loans")
secured by first or second lien mortgages or deeds of trust (the "Mortgages") on
real properties (the "Mortgage Properties"). The Mortgaged Properties securing
the Mortgage Loans consist primarily of single family residences (which may be
detached, part of a two-to four-family dwelling, a condominium unit or a unit in
a planned unit development).
Interest distributions on the Class A Notes are based on the Notes
Principal Balance thereof and the then applicable Mortgage-Backed Rate thereof.
The Mortgage Rate for the Class A-1 Notes is 8.035% per annum. The
Mortgage-Backed Rate for the Class A-2 Notes is variable.
The Class A-1 Notes and the Class A-2 Notes have original Note
Principal Balances of $255,000,000, and $45,000,000 respectively.
As of the Closing Date, the Mortgage Loans possessed the characteristics
described in the Prospectus dated June 23, 1999 and the Prospectus Supplement
dated June 14, 2000 filed pursuant to Rule 424(b) (5) of the Act on June 23,
2000.
Item 7. Financial Statements, Pro Forma Financial Information and
Exhibits.
(a) Not applicable
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(b) Not applicable
(c) Exhibits:
1.1 Underwriting Agreement, dated June 14, 2000, between Prudential
Securities Secured Financing Corporation and Prudential Securities
Incorporated.
1.2 Indemnification Agreement, dated as of June 14, 2000, among
Prudential Securities Secured Financing Corporation, Prudential
Securities Incorporated, and Ambac Assurance Corporation.
4.1 Indenture, dated as of June 1, 2000, between ABFS Mortgage Loan
Trust 2000-2 and The Chase Manhattan Bank, as indenture trustee.
4.2 Unaffiliated Seller's Agreement, dated as of June 1, 2000, among
American Business Credit, Inc., Home American Credit, Inc. d/b/a/
Upland Mortgage, New Jersey Mortgage and Investment Corp.,
Prudential Securities Secured Financing Corporation, and ABFS
2000-2, Inc.
4.3 Sale and Servicing Agreement, dated as of June 1, 2000, among
Prudential Securities Secured Financing Corporation, American
Business Credit, Inc., ABFS Mortgage Loan Trust 2000-2 and The Chase
Manhattan Bank.
8.1 Opinion of Brown & Wood LLP, Counsel to Prudential Securities
Secured Corporation regarding certain tax matters.
10.1 Certificate Guaranty Insurance Policy, dated June 29, 2000.
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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 hereunto duly authorized.
PRUDENTIAL SECURITIES SECURED FINANCING
CORPORATION As Depositor and on behalf
of ABFS Mortgage Loan Trust 2000-2
Registrant
By: /s/ Evan Mitnick
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Name: Evan Mitnick
Title: Vice President
Dated: July 5, 2000
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EXHIBIT INDEX
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Exhibit No. Description
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1.1 Underwriting Agreement, dated June 14, 2000,
between Prudential Securities Secured Financing
Corporation and Prudential Securities Incorporated.
1.2 Indemnification Agreement, dated June 14, 2000,
among Prudential Securities Secured Financing
Corporation, Prudential Securities Incorporated,
American Business Credit, and Ambac Assurance
Corporation.
4.1 Indenture, dated as of June 1, 2000, between ABFS
Mortgage Loan Trust 2000-2 and The Chase Manhattan
Bank, as indenture trustee.
4.2 Unaffiliated Seller's Agreement, dated as of June
1, 2000, among American Business Credit, Inc., Home
American Credit, Inc. d/b/a/ Upland Mortgage, New
Jersey Mortgage and Investment Corp., Prudential
Securities Secured Financing Corporation, and ABFS
2000-2, Inc.
4.3 Sale and Servicing Agreement, dated as of June 1,
2000, among Prudential Securities Secured Financing
Corporation, American Business Credit, Inc., ABFS
Mortgage Loan Trust 2000-2 and The Chase Manhattan
Bank.
8.1 Opinion of Brown & Wood LLP, Counsel to Prudential
Securities Secured Corporation regarding certain
tax matters.
10.1 Certificate Guaranty Insurance Policy, dated June
29, 2000.
