ABFS Extends Exchange Offer

American Business Financial Services Inc., Philadelphia, has announced the extension of an investment note exchange offer through Feb. 6 due to the response to the offer and the processing volume experienced over the holiday season.ABFS said $74.6 million of the investment notes were exchanged for $35.3 million of senior collateralized subordinated notes and 39.3 million shares of series A convertible preferred stock through Dec. 31. The offer, as extended, allows eligible noteholders to exchange the principal amount of their investment note in increments of $1,000 for equal amounts of: a senior collateralized note with the same maturity date and an interest rate of 10 basis points higher than their existing note; or shares of series A preferred stock with a liquidation value of $1 per share, with an option to convert the shares into common stock beginning 24 months after the issuance date. The company can be found online at http://www.abfsonline.com.