By Lisa Kerner
Charlotte, N.C., Sept. 30 - Värde Partners, Inc. and FirstCity Financial Corp. announced that certain jointly owned entities (the "VFC partners") completed a private placement of $185.5 million of VFC series 2013-1 bonds (//BBB-) with institutional investors.
All notes were priced at par with a coupon of 3.13%.
The securitization is the first executed by the VFC partners. The bonds are backed by a pool of seasoned performing and non-performing secured and unsecured commercial loans and real estate owned properties.
Amherst Securities was lead manager and bookrunner. FirstCity Servicing Corp. is the servicer for the securitization.
Certain funds managed by Värde acquired FirstCity in May. Värde and FirstCity created the VFC partners in 2009.
Värde Partners is a registered investment adviser based in Minneapolis.
FirstCity is a Waco, Texas-based diversified financial services company.
| Issuer: | Entities jointly owned by Värde Partners, Inc. and FirstCity Financial Corp.
|
| Issue: | Series 2013-1 bonds
|
| Amount: | $185.5 million
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| Coupon: | 3.13%
|
| Bookrunner: | Amherst Securities
|
| Servicer: | FirstCity Servicing Corp.
|
| Rating: | Fitch Ratings: BBB-
|
| Distribution: | Private placement
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