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
Date of Report (Date of earliest event reported) September 28, 2000
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Oakwood Mortgage Investors, Inc.
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(Exact name of registrant as specified in charter)
Nevada 333-72621 88-0396566
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
101 Convention Center Drive, Suite 850, Las Vegas, Nevada 89109
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (702) 949-0056
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(Former name or former address, if changed since last report.)
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Item 5. Other Events.
On September 28, 2000, the Registrant caused the issuance and sale of
$243,937,000 aggregate initial principal amount of Senior/Subordinated
Pass-Through Certificates, Series 2000-C (the "Certificates") pursuant to the
Series 2000-C Pooling and Servicing Agreement, dated as of September 1, 2000
(the "Pooling and Servicing Agreement"), among the Registrant, Oakwood
Acceptance Corporation, as Servicer, and Wells Fargo Bank Minnesota, National
Association, as Trustee, and the related Standard Terms to the Pooling and
Servicing Agreement (May 1999 Edition) (the "Standard Terms"). The Certificates
were issued in six Classes with Pass-Through Rates and initial Certificate
Principal Balances as set forth below:
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<CAPTION>
Initial Certificate
Designation Pass-Through Rate Principal Balance
<S> <C> <C>
Class A-1........................... (1) $189,284,000
Class M-1........................... (2) 26,660,000
Class M-2........................... (3) 14,663,000
Class B-1........................... (4) 13,330,000
Class B-2........................... (5) 14,663,000
Class X............................. (6) (6)
Class R............................. (7) (7)
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(1) The Pass-Through Rate on the Class A-1 Certificates for any Distribution
Date shall be equal to the lesser of (i) 7.72% per annum and (ii) the
Weighted Average Net Asset Rate.
(2) The Pass-Through Rate on the Class M-1 Certificates for any Distribution
Date shall be equal to the lesser of (i) 8.49% per annum and (ii) the
Weighted Average Net Asset Rate.
(3) The Pass-Through Rate on the Class M-2 Certificates for any Distribution
Date shall be equal to the lesser of (i) 8.90% per annum and (ii) the
Weighted Average Net Asset Rate.
(4) The Pass-Through Rate on the Class B-1 Certificates for any Distribution
Date shall be equal to the lesser of (i) 9.42% per annum and (ii) the
Weighted Average Net Asset Rate.
(5) The Pass-Through Rate on the Class B-2 Certificates for any Distribution
Date shall be equal to (i) the lesser of (a) 10.50% per annum and (b) the
Weighted Average Net Asset Rate.
(6) The Class X Certificates have no Certificate Principal Balance and no
Pass-Through Rate.
(7) The Class R Certificates have no Certificate Principal Balance and no
Pass-Through Rate.
The Certificates evidence, in the aggregate, the entire beneficial
ownership interest in OMI Trust 2000-C (the "Trust"), which consists primarily
of a pool of Assets transferred to the Trust by the Registrant pursuant to the
Pooling and Servicing Agreement. The Assets were purchased by the Registrant in
privately-negotiated transactions with Oakwood Capital Corp. ("OCC") pursuant to
a Sales Agreement, dated as of September 1, 2000, between the Registrant and
OCC. Elections will be made to treat certain assets owned by the Trust as "real
estate mortgage investment conduits" (each, a "REMIC") under the Internal
Revenue Code of 1986, as amended. The Certificates, except for the Class R
Certificates, will be designated as the "regular
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interests" in one of such REMICs. The Class R Certificates will be designated as
the "residual interests" in each of the REMICs.
The Class A-1, Class M-1, Class M-2 and Class B-1 Certificates are
collectively referred to herein as the "Offered Certificates." The Offered
Certificates are senior to the Class B-2, Class X and Class R Certificates. The
Offered Certificates have been sold by the Registrant to Credit Suisse First
Boston Corporation (the "Underwriter") pursuant to a Terms Agreement, dated as
of September 26, 2000, among the Underwriter, the Registrant and OAC, which
incorporates by reference the Registrant's Underwriting Agreement Standard
Provisions, May 1999. The Class B-2, Class X and Class R Certificates have been
transferred to Oakwood Financial Corporation, a Nevada corporation ("OFC") and
an affiliate of the Registrant.
Capitalized terms used but not defined herein shall have the meanings
assigned to them in the Pooling and Servicing Agreement or, if not defined in
the Pooling and Servicing Agreement, the meanings assigned to them in the
Standard Terms.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits.
(c) Exhibits.
1.1 Terms Agreement, dated September 26, 2000, among the
Registrant, Oakwood Acceptance Corporation, and Credit Suisse
First Boston Corporation, as Underwriter, relating to the
Offered Certificates (related exhibits available upon request
of the Registrant)
4.1 Copy of the Series 2000-C Pooling and Servicing Agreement,
dated as of September 1, 2000, by and among the Registrant,
Oakwood Acceptance Corporation, as Servicer, and Wells Fargo
Bank Minnesota, National Association, as Trustee. (related
exhibits available upon request of the Trustee)
8.1 Tax Opinion of Messrs. Hunton & Williams
23.1 Consent of Messrs. Hunton & Williams (included in Exhibit 8.1)
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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.
September 28, 2000 OAKWOOD MORTGAGE INVESTORS, INC.
By: /s/ Dennis Hazelrigg
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Name: Dennis Hazelrigg
Title: President
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INDEX TO EXHIBITS
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<CAPTION>
Page
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<S> <C> <C>
1.1 Terms Agreement, dated September 26, 2000,
among the Registrant, Oakwood Acceptance
Corporation and Credit Suisse First Boston
Corporation, as Underwriter, relating to the
Offered Certificates (related exhibits
available upon request of the Registrant)...........................................[Electronic Format]
4.1 Copy of the Series 2000-C Pooling and Servicing Agreement, dated as of
September 1, 2000, by and among the Registrant, Oakwood Acceptance
Corporation, as Servicer, and Wells Fargo Bank Minnesota, National
Association (related exhibits available
upon request of the Trustee)........................................................[Electronic Format]
8.1 Tax Opinion of Messrs. Hunton & Williams ...........................................[Electronic Format]
23.1 Consent of Messrs. Hunton & Williams (included in Exhibit 8.1)......................[Electronic Format]
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