PMC Cap, PMC Comm Close Securitization

PMC Capital Inc. and PMC Commercial Trust, both of Dallas, have announced the completion of a $92.9 million joint structured loan securitization consisting of variable-rate notes issued by a newly formed joint venture and secured by a portfolio of their loans.PMC Capital received gross proceeds of $52.0 million, and PMC Commercial received $40.9 million. The companies said the proceeds were used to pay the costs of the transaction, fund the required reserve balance, and repay the balances on their revolving credit facilities. The remainder will be used for working capital and to originate additional loans. The debt was issued by a newly formed special purpose affiliate of the companies at a variable interest rate, reset quarterly, of 1.25% above the 90-day London interbank offered rate. The initial rate was 2.41%. PMC Capital can be found online at http://www.pmccapital.com.