Advanta Mortgage Conduit Services Inc. has priced a $500 million securitization of floating-rate mortgage loans.The effective pass-through yield on Advanta Mortgage Loan Trust 1998-3 certificates will be 23 basis points above the one-month London Interbank Offered Rate. Advanta Mortgage, a wholly owned subsidiary of Advanta Corp., will retain the servicing on the loans. The lead underwriter is Salomon Smith Barney, with J.P. Morgan, Lehman Brothers, and Prudential Securities as co-managers. The transaction is expected to close on Sept. 23. In other Advanta Corp. news, the company has announced that its board of directors has authorized the formation of an employee stock ownership plan that will buy shares of Advanta's common stock.
Processing Content
