UCFC Prices $1.3B Home Equity Deal

United Companies Financial Corp., Baton Rouge, La., has announced the pricing of a $1.3 billion home equity loan securitization.UCFC Acceptance Corp., a subsidiary of UCFC, will act as the depositor of the trusts that will issue the securities. The lead underwriter for the sale of the deal's $425 million of fixed-rate securities will be Prudential Securities Inc., and the co-managers will be Salomon Smith Barney and First Union Capital Markets. The lead underwriter for the sale of the $900 million of adjustable-rate securities will be Morgan Stanley Dean Witter, with J.P. Morgan Inc., Prudential, and Nations Bank NA as co-managers. The certificates are expected to be insured by Financial Guaranty Insurance Co. As in its previous quarterly transactions, UCFC Acceptance will hold a percentage of the proceeds from each sale in a pre-funding account pending delivery of additional home equity loans to the trustee, UCFC said. UCFC's website address is http://www.unitedcompanies.com.