<PAGE> 1
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: March 30, 2000
(Date of earliest event reported)
CMC SECURITIES CORPORATION III
(Exact name of Registrant as specified in its charter)
Delaware 33-47913 75-2431913
(State of Incorporation) (Commission File No.) (I.R.S. Employer
Identification No.)
8401 North Central Expressway, Ste. 800
Dallas, Texas 75225
(Address of Principal executive offices) (Zip Code)
Registrant's Telephone Number, Including Area Code: (214) 874-2323
<PAGE> 2
Item 5. Other Events.
Reference is hereby made to the Registrant's Registration Statement on
Form S-3 (File No. 33-47913) filed with the Securities and Exchange Commission
(the "Commission") on May 14, 1992, as amended by Amendment No. 1 thereto filed
with the Commission on August 7, 1992, as further amended by Post Effective
Amendment No. 1 thereto filed with the Commission on September 16, 1993, as
further amended by Post Effective Amendment No.2 thereto filed with the
Commission on December 13, 1993, and as further amended by Post Effective
Amendment No.3 thereto filed with the Commission on February 14, 1994
(collectively, the "Registration Statement"), pursuant to which the Registrant
registered $4,000,000,000 aggregate principal amount of its collateralized
mortgage obligations, issuable in various series, for sale in accordance with
the provisions of the Securities Act of 1933, as amended (the "Act"). Reference
is also hereby made to the Prospectus and the related Prospectus Supplement
(collectively, the "Prospectus"), which will be filed with the Commission
pursuant to Rule 424(b)(5), with respect to the Registrant's Collateralized
Mortgage Obligations, Series 2000-1 (the "Bonds").
The Registrant is filing this Current Report on Form 8-K to provide
prospective investors with certain materials which constitute "Computational
Materials" within the meaning of the no-action letter dated May 20, 1994 issued
by the Division of Corporation Finance of the Commission to Kidder, Peabody
Acceptance Corporation I, Kidder, Peabody & Co. Incorporated, and Kidder
Structured Asset Corporation and the no-action letter dated May 27, 1994 issued
by the Division of Corporation Finance of the Commission to the Public
Securities Association (together, the "Kidder Letters"), the filing of which
materials is a condition of the relief granted in such letters (such materials
being the "Computational Materials"). The Computational Materials were prepared
solely by Donaldson, Lufkin & Jenrette Securities Corporation in connection with
the offering of the Bonds, and the Registrant did not prepare or participate in
the preparation of the Computational Materials. The Computational Materials are
set forth in Exhibit 99.1 hereto.
The assumptions used in preparing the Computational Materials were
based upon a preliminary compilation of the underlying collateral and the
estimated principal amount and other features of the Bonds. The actual features
of the Bonds and a detailed description of the final constituency of the
underlying collateral are set forth in the Prospectus.
Due to the preliminary nature of the collateral and information used in
preparing the Computational Materials, no assurance can be given as to either
the Computational Materials' or the underlying assumptions' accuracy,
appropriateness or completeness in any particular context; nor can assurance be
given as to whether the Computational Materials and/or the assumptions upon
which they are based reflect present market conditions or future market
performance. These Computational Materials should not be construed as either
projections or predictions or as legal, tax, financial or accounting advice.
Any yields or weighted average lives shown in the Computational
Materials are based on prepayment assumptions, and changes in such prepayment
assumptions may dramatically affect such
-2-
<PAGE> 3
yields or weighted average lives. In addition, it is possible that prepayments
on the collateral will occur at rates slower or faster than the rates shown in
the attached Computational Materials.
Furthermore, unless otherwise provided, the Computational Materials
assume no losses on the collateral and no interest shortfall. The specific
characteristics of the Bonds may differ from those shown in the Computational
Materials due to differences between the actual collateral and the hypothetical
collateral used in preparing the Computational Materials. As noted above, the
principal amount and designation of any security described in the Computational
Materials are subject to change prior to issuance.
Please be advised that mortgage-backed securities may not be
appropriate for all investors. Potential investors must be willing to assume,
among other things, market price volatility, mortgage prepayments, yield curve
and interest rate risks. Investors should make every effort to consider the
risks of these securities.
Any statement or information contained in the Computational Materials
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 and Exhibits.
(c) Exhibits
Exhibit No. Description
*99.1 Computational Materials provided by
Donaldson, Lufkin & Jenrette Securities
Corporation
- --------
*The Registrant is filing Exhibit 99.1 to this Current Report on Form
8-K on paper with the Commission under cover of Form SE concurrently with this
EDGAR filing.
-3-
<PAGE> 4
Signature
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.
CMC SECURITIES CORPORATION III
March 30, 2000 By: /s/ Andrew F. Jacobs
--------------------------------------
Andrew F. Jacobs,
Executive Vice President - Finance
-4-
<PAGE> 5
INDEX TO EXHIBITS
<TABLE>
<CAPTION>
Exhibit No. Description
----------- -----------
<S> <C>
99.1 Computational Materials provided by
Donaldson, Lufkin & Jenrette Securities
Corporation
</TABLE>
- --------
<PAGE> 1
EXHIBIT 99.1
Donaldson, Lufkin & Jenrette Structured Finance Department
250,000,000.00
<TABLE>
<CAPTION>
Original % of Average First Last
Tranche Rating(2) Amount Deal Coupon(3) Life Price DM Index Pay Pay
- ------- --------- ----------- ----- ----------- ---- ------ --- -------- ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A1(1) AAA 212,500,000 85.00 Libor + 40 3.05 100.00 40 1M LIBOR Apr-00 Dec-08
M1(1) AA 16,875,000 6.75 Libor + 70 5.78 100.00 70 1M LIBOR Apr-03 Dec-08
M2(1) A 10,125,000 4.05 Libor + 100 5.78 100.00 100 1M LIBOR Apr-03 Dec-08
B1(1) BBB- 10,500,000 4.20 Libor + 265 5.78 100.00 265 1M LIBOR Apr-03 Dec-08
</TABLE>
(1) Bonds priced to 10% Collateral Cleanup
(2) S&P / DCR
(3) Available Funds Floater subject to a Net Wac Cap
Note: Subject to Special Redemption when the Class A1 balance represents 35% of
the original A1 Balance
OWN & OFFER
Yield Table in Offering Packet Folder on "Publicshare" Network
<TABLE>
<S> <S> <C> <C>
Payment Frequency: Monthly Prepay Assumption: Fixed: 100 PPC (4-20 CPR) over 12 months
Settlement Date: 03/28/00 Adjustable: 100 PPC (6-30 CPR) over 18 months
First Payment Date: 04/25/00
Delay: 0 Days
Available Funds Floater Overcollateralization Target 3.10%
</TABLE>
<TABLE>
<CAPTION>
-----------------------
Contacts
-----------------------
<S> <C>
Rich Winter x8373
Erik Siegel x3831
Nick Heilbut x3831
-----------------------
</TABLE>
The computational materials contained herein and the data on which they are
based are preliminary and subject to change. Actual sales of the
securities described herein will be made only pursuant to
the terms set forth in a final prospectus.
<PAGE> 2
A1.
YIELD TABLE (CLEANUP CALL, NO LOOKBACK)
- --------------------------------------------------------------------------------
PASS-THRU RATE : 6.4038 COLL WA ROLL : N/A month(s)
PASS-THRU MARGIN : 0.4000 COLL INDEX :
CLASS INDEX : LIBOR 1M 6.0038
ACCRUED DAYS / DELAY DAYS : 0 / 0 SETTLEMENT : 03/28/00
FACTOR DATE : 03/25/00
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PREPAYMENTS
75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC
-------------------------------------------------------------------------------
PRICE DM MODDUR DM MODDUR DM MODDUR DM MODDUR
- ----------------- ------ ---------- ------ ---------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
99.50000 99-16 55.2 3.20 59.0 2.56 63.1 2.11 67.7 1.76
99.53125 99-17 54.3 57.8 61.6 65.9
99.56250 99-18 53.3 56.6 60.2 64.2
99.59375 99-19 52.4 55.4 58.7 62.5
99.62500 99-20 51.4 54.2 57.3 60.7
99.65625 99-21 50.5 53.1 55.8 59.0
99.68750 99-22 49.5 51.9 54.4 57.3
99.71875 99-23 48.5 50.7 53.0 55.5
99.75000 99-24 47.6 3.21 49.5 2.57 51.5 2.12 53.8 1.76
99.78125 99-25 46.6 48.3 50.1 52.1
99.81250 99-26 45.7 47.1 48.6 50.4
99.84375 99-27 44.7 45.9 47.2 48.6
99.87500 99-28 43.8 44.7 45.7 46.9
99.90625 99-29 42.8 43.6 44.3 45.2
99.93750 99-30 41.9 42.4 42.9 43.4
99.96875 99-31 40.9 41.2 41.4 41.7
100.00000 100-00 40.0 3.21 40.0 2.57 40.0 2.12 40.0 1.77
100.03125 100-01 39.1 38.8 38.6 38.3
100.06250 100-02 38.1 37.6 37.1 36.6
100.09375 100-03 37.2 36.5 35.7 34.8
100.12500 100-04 36.2 35.3 34.3 33.1
100.15625 100-05 35.3 34.1 32.8 31.4
100.18750 100-06 34.3 32.9 31.4 29.7
100.21875 100-07 33.4 31.7 30.0 28.0
100.25000 100-08 32.4 3.22 30.6 2.58 28.5 2.12 26.3 1.77
100.28125 100-09 31.5 29.4 27.1 24.5
100.31250 100-10 30.6 28.2 25.7 22.8
100.34375 100-11 29.6 27.0 24.3 21.1
100.37500 100-12 28.7 25.9 22.8 19.4
100.40625 100-13 27.7 24.7 21.4 17.7
100.43750 100-14 26.8 23.5 20.0 16.0
100.46875 100-15 25.9 22.3 18.6 14.3
- ----------------- ------------------ ------------------ ------------------ ------------------
AVG LIFE 4.01 3.05 2.43 1.98
- ----------------- ------------------ ------------------ ------------------ ------------------
FIRST PAY 04/25/00 04/25/00 04/25/00 04/25/00
LAST PAY 11/25/11 12/25/08 02/25/07 11/25/05
PRIN. WINDOW 140 105 83 68
- ----------------- ------------------ ------------------ ------------------ ------------------
</TABLE>
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus supplement for the CMC Securities Corporation III, Series
2000-1 Collateralized Mortgage Obligations.
<PAGE> 3
M1
YIELD TABLE (CLEANUP CALL)
- --------------------------------------------------------------------------------
PASS-THRU RATE :6.7038
PASS-THRU MARGIN :0.7000 COLL WA ROLL :N/A month(s)
COLL INDEX :
ACCRUED DAYS / DELAY DAYS :0 / 0
SETTLEMENT :03/28/00
FACTOR DATE :03/25/00
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PREPAYMENTS
75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC
------------ ------------ ------------ ------------
PRICE DM MODDUR DM MODDUR DM MODDUR DM MODDUR
----- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99.50000 99-16 78.5 5.74 80.6 4.61 82.3 3.96 83.3 3.67
99.53125 99-17 78.0 79.9 81.5 82.4
99.56250 99-18 77.4 79.2 80.8 81.6
99.59375 99-19 76.9 78.6 80.0 80.8
99.62500 99-20 76.4 77.9 79.2 79.9
99.65625 99-21 75.8 77.3 78.4 79.1
99.68750 99-22 75.3 76.6 77.7 78.3
99.71875 99-23 74.8 75.9 76.9 77.5
99.75000 99-24 74.2 5.75 75.3 4.61 76.1 3.96 76.6 3.67
99.78125 99-25 73.7 74.6 75.4 75.8
99.81250 99-26 73.2 74.0 74.6 75.0
99.84375 99-27 72.6 73.3 73.8 74.1
99.87500 99-28 72.1 72.6 73.1 73.3
99.90625 99-29 71.6 72.0 72.3 72.5
99.93750 99-30 71.1 71.3 71.5 71.7
99.96875 99-31 70.5 70.7 70.8 70.8
100.00000 100-00 70.0 5.75 70.0 4.62 70.0 3.97 70.0 3.67
100.03125 100-01 69.5 69.3 69.2 69.2
100.06250 100-02 68.9 68.7 68.5 68.3
100.09375 100-03 68.4 68.0 67.7 67.5
100.12500 100-04 67.9 67.4 66.9 66.7
100.15625 100-05 67.4 66.7 66.2 65.9
100.18750 100-06 66.8 66.1 65.4 65.0
100.21875 100-07 66.3 65.4 64.6 64.2
100.25000 100-08 65.8 5.76 64.7 4.62 63.9 3.97 63.4 3.68
100.28125 100-09 65.3 64.1 63.1 62.6
100.31250 100-10 64.7 63.4 62.3 61.7
100.34375 100-11 64.2 62.8 61.6 60.9
100.37500 100-12 63.7 62.1 60.8 60.1
100.40625 100-13 63.1 61.5 60.1 59.3
100.43750 100-14 62.6 60.8 59.3 58.4
100.46875 100-15 62.1 60.2 58.5 57.6
- ------------------- ------------ ------------ ------------ ------------
AVG LIFE 7.70 5.78 4.77 4.33
- ------------------- ------------ ------------ ------------ ------------
FIRST PAY 12/25/03 04/25/03 06/25/03 09/25/03
LAST PAY 11/25/11 12/25/08 02/25/07 11/25/05
PRIN. WINDOW 96 69 45 27
</TABLE>
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus supplement for the CMC Securities Corporation III, Series
2000-1 Collateralized Mortgage Obligations.
<PAGE> 4
M2
YIELD TABLE(CLEANUP CALL)
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
PASS-THRU RATE : 7.0038 COLL WA ROLL : N/A month(s)
PASS-THRU MARGIN : 1.0000 COLL INDEX :
ACCRUED DAYS/DELAY DAYS : 0/0 SETTLEMENT : 03/28/00
FACTOR DATE : 03/25/00
</TABLE>
- --------------------------------------------------------------------------------
PREPAYMENTS
<TABLE>
<CAPTION>
75.0%PPC 100.0% PPC 125.0% PPC 150.0% PPC
--------------- --------------- --------------- ---------------
PRICE DM MODDUR DM MODDUR DM MODDUR DM MODDUR
- ----------------- ----- ------ ----- ------ ----- ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99.50000 99-16 108.6 5.67 110.7 4.56 112.5 3.88 113.9 3.51
99.53125 99-17 108.0 110.0 111.7 113.0
99.56250 99-18 107.5 109.3 111.0 112.1
99.59375 99-19 107.0 108.7 110.2 111.3
99.62500 99-20 106.4 108.0 109.4 110.4
99.65625 99-21 105.9 107.3 108.6 109.5
99.68750 99-22 105.4 106.7 107.8 108.7
99.71875 99-23 104.8 106.0 107.0 107.8
99.75000 99-24 104.3 5.67 105.3 4.56 106.3 3.89 106.9 3.51
99.78125 99-25 103.7 104.7 105.5 106.1
99.81250 99-26 103.2 104.0 104.7 105.2
99.84375 99-27 102.7 103.3 103.9 104.3
99.87500 99-28 102.1 102.7 103.1 103.5
99.90625 99-29 101.6 102.0 102.3 102.6
99.93750 99-30 101.1 101.3 101.6 101.7
99.96875 99-31 100.5 100.7 100.8 100.9
100.00000 100-00 100.0 5.68 100.0 4.57 100.0 3.89 100.0 3.51
100.03125 100-01 99.5 99.3 99.2 99.1
100.06250 100-02 98.9 98.7 98.4 98.3
100.09375 100-03 98.4 98.0 97.7 97.4
100.12500 100-04 97.9 97.3 96.9 96.5
100.15625 100-05 97.3 96.7 96.1 95.7
100.18750 100-06 96.8 96.0 95.3 94.8
100.21875 100-07 96.3 95.4 94.5 94.0
100.25000 100-08 95.7 5.68 94.7 4.57 93.8 3.89 93.1 3.52
100.28125 100-09 95.2 94.0 93.0 92.2
100.31250 100-10 94.7 93.4 92.2 91.4
100.34375 100-11 94.1 92.7 91.4 90.5
100.37500 100-12 93.6 92.0 90.7 89.7
100.40625 100-13 93.1 91.4 89.9 88.8
100.43750 100-14 92.5 90.7 89.1 87.9
100.46875 100-15 92.0 90.1 88.3 87.1
- ----------------- --------------- --------------- --------------- ---------------
AVG LIFE 7.70 5.78 4.72 4.15
- ----------------- --------------- --------------- --------------- ---------------
FIRST PAY 12/25/03 04/25/03 05/25/03 07/25/03
LAST PAY 11/25/11 12/25/08 02/25/07 11/25/05
PRIN.WINDOW 95 69 46 29
- ----------------- --------------- --------------- --------------- ---------------
</TABLE>
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus supplement for the CMC Securites Corporation III, Series
2000-1 Collateralized Mortgage Obligations.
<PAGE> 5
B1
YIELD TABLE (CLEANUP CALL, NO LOOKBACK)
- --------------------------------------------------------------------------------
PASS-THRU RATE : 8.6538 CURRENT WAM : 360
PASS-THRU MARGIN : 2.6500 COLL WA ROLL : N/A month(s)
COLL INDEX :
ACCRUED DAYS/DELAY DAYS : 0/0 CLASS INDEX : LIBOR 1M 6.0038
SETTLEMENT : 03/28/00
FACTOR DATE : 03/25/00
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PREPAYMENTS
-----------------------------------------------------------------------------------------------------------------------
75.0% PPC 100.0% PPC 125.0% PPC 150.0% PPC
---------------- ---------------- ---------------- ----------------
PRICE DM MODDUR DM MODDUR DM MODDUR DM MODDUR
------------------------ ----- ------ ----- ------ ----- ------ ----- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
99.50000 99-16 274.1 5.29 276.2 4.31 278.1 3.69 279.6 3.31
99.53125 99-17 273.6 275.5 277.3 278.7
99.56250 99-18 273.0 274.8 276.5 277.8
99.59375 99-19 272.4 274.1 275.6 276.9
99.62500 99-20 271.8 273.4 274.8 276.0
99.65625 99-21 271.3 272.7 274.0 275.0
99.68750 99-22 270.7 272.0 273.2 274.1
99.71875 99-23 270.1 271.3 272.4 273.2
99.75000 99-24 269.6 5.29 270.6 4.32 271.5 3.69 272.3 3.31
99.78125 99-25 269.0 269.9 270.7 271.4
99.81250 99-26 268.4 269.2 269.9 270.5
99.84375 99-27 267.8 268.5 269.1 269.6
99.87500 99-28 267.3 267.8 268.3 268.6
99.90625 99-29 266.7 267.1 267.5 267.7
99.93750 99-30 266.1 266.4 266.6 266.8
99.96875 99-31 265.6 265.7 265.8 265.9
100.00000 100-00 265.0 5.30 265.0 4.32 265.0 3.69 265.0 3.31
100.03125 100-01 264.4 264.3 264.2 264.1
100.06250 100-02 263.9 263.6 263.4 263.2
100.09375 100-03 263.3 262.9 262.6 262.3
100.12500 100-04 262.7 262.2 261.7 261.4
100.15625 100-05 262.2 261.5 260.9 260.5
100.18750 100-06 261.6 260.8 260.1 259.5
100.21875 100-07 261.0 260.1 259.3 258.6
100.25000 100-08 260.5 5.30 259.4 4.33 258.5 3.70 257.7 3.31
100.28125 100-09 259.9 258.7 257.7 256.8
100.31250 100-10 259.3 258.0 256.9 255.9
100.34375 100-11 258.8 257.3 256.0 255.0
100.37500 100-12 258.2 256.6 255.2 254.1
100.40625 100-13 257.6 256.0 254.4 253.2
100.43750 100-14 257.1 255.3 253.6 252.3
100.46875 100-15 256.5 254.6 252.8 251.4
------------------------ ---------------- ---------------- ---------------- ----------------
AVG LIFE 7.70 5.78 4.69 4.07
------------------------ ---------------- ---------------- ---------------- ----------------
FIRST PAY 12/25/03 04/25/03 04/25/03 05/25/03
LAST PAY 11/25/11 12/25/08 02/25/07 11/25/05
PRIN. WINDOW 96 69 47 31
------------------------ ---------------- ---------------- ---------------- ----------------
</TABLE>
The analyses, calculations, and valuations herein are based on certain
assumptions and data provided by third parties which may vary from the actual
characteristics of the pool. Donaldson, Lufkin and Jenrette Securities
Corporation makes no representation that such analyses or calculations are
accurate or that such valuations represent levels where actual trades may occur.
Investors should rely on the information contained in or filed in connection
with the prospectus supplement for the CMC Securities Corporation III, Series
2000-1 Collateralized Mortgage Obligations.
