Form 8-K

 

UNITED STATES

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

 

August 25, 2005

Date of Report (Date of earliest event reported)

 

 

Accredited Mortgage Loan REIT Trust

(Exact name of registrant as specified in its charter)

 

Maryland   001-32276   35-2231035

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

   (IRS Employer
Identification No.)

 

15090 Avenue of Science

San Diego, CA

       92128
(Address of principal executive offices)       (Zip Code)

 

858-676-2100

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

 

On August 25, 2005, Accredited Mortgage Loan REIT Trust (“REIT”) closed a securitization containing approximately $1.120 billion of first- and second-lien residential mortgage loans. The securitization utilized a senior/subordinated structure, with five classes of senior notes and nine classes of subordinate notes being issued as set forth in the table below.

 

Class
   

Rating

    Note Balance
    WAL
   

Benchmark

    Spread
     Price
     (S&P/Moody’s/DBRS)                          
A-1    AAA/Aaa/AAA    $ 356,840,000    2.42    1M LIBOR    .24 %   100
A-2A    AAA/Aaa/AAA      257,110,000    1.00    1M LIBOR    .10 %   100
A-2B    AAA/Aaa/AAA      91,720,000    2.00    1M LIBOR    .16 %   100
A-2C    AAA/Aaa/AAA      156,650,000    3.50    1M LIBOR    .25 %   100
A-2D    AAA/Aaa/AAA      61,154,000    6.71    1M LIBOR    .37 %   100
M-1    AA+/Aa1/AA (High)      37,521,000    4.81    1M LIBOR    .45 %   100
M-2    AA+/Aa2/AA (High)      34,721,000    4.76    1M LIBOR    .47 %   100
M-3    AA/Aa3/AA      23,521,000    4.73    1M LIBOR    .48 %   100
M-4    AA-/A1/AA (Low)      17,921,000    4.71    1M LIBOR    .58 %   100
M-5    A+/A2 /A (High)      17,921,000    4.70    1M LIBOR    .63 %   100
M-6    A/A3/A      15,121,000    4.68    1M LIBOR    .70 %   100
M-7    A-/Baa1/A (Low)      15,681,000    4.68    1M LIBOR    1.12 %   100
M-8    BBB+/Baa2/BBB (High)      12,320,000    4.67    1M LIBOR    1.30 %   100
M-9    BBB/Baa3/BBB      12,880,000    4.66    1M LIBOR    1.70 %   100

 

The securitization is structured as a financing by REIT with the result being that both the mortgage loans and the debt represented by the notes remain on REIT’s balance sheet.

 

REIT used the proceeds from the securitization primarily to repay warehouse financing for the mortgage loans.

 

Co-lead managers for the transaction were Morgan Stanley and Credit Suisse First Boston, with Barclays Capital and Goldman, Sachs & Co. acting as co-managers.

 

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.

 

        Accredited Mortgage Loan REIT Trust
Date: August 25, 2005       By:  

/s/ James A. Konrath

            Name:   James A. Konrath
            Title:   Chief Executive Officer