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

June 29, 2006

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:

 

¨ 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 June 29, 2006, Accredited Mortgage Loan REIT Trust (“REIT”) closed a securitization containing approximately $1.4 billion of first-lien and second-lien residential mortgage loans. The securitization utilized a senior/subordinated structure, with four 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)              

A-1

   AAA/Aaa    $ 559,514,000    0.95    1M LIBOR    .04 %   100

A-2

   AAA/Aaa      158,862,000    2.00    1M LIBOR    .09 %   100

A-3

   AAA/Aaa      289,467,000    3.25    1M LIBOR    .15 %   100

A-4

   AAA/Aaa      181,457,000    6.41    1M LIBOR    .26 %   100

M-1

   AA+/Aa1      41,300,000    4.82    1M LIBOR    .27 %   100

M-2

   AA+/Aa2      37,100,000    4.78    1M LIBOR    .29 %   100

M-3

   AA/Aa3      23,800,000    4.76    1M LIBOR    .33 %   100

M-4

   AA/A1      20,300,000    4.75    1M LIBOR    .35 %   100

M-5

   AA-/A2      20,300,000    4.74    1M LIBOR    .38 %   100

M-6

   A+/A3      17,500,000    4.73    1M LIBOR    .45 %   100

M-7

   BBB+/Baa1      15,400,000    4.73    1M LIBOR    .85 %   100

M-8

   BBB/Baa2      10,500,000    4.72    1M LIBOR    1.05 %   100

M-9

   BBB-/Baa3      21,700,000    4.71    1M LIBOR    1.90 %   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.

Lead manager for the transaction was Goldman, Sachs & Co., with Bear , Stearns & Co. Inc., Credit Suisse Securities (USA) LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and UBS Securities LLC 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: June 29, 2006    

By:

 

/s/ Charles O. Ryan

     

Name:

 

Charles O. Ryan

     

Title:

 

Securitization Coordinator