XLCA Completes $400 Million Financing
for Onyx Acceptance Corporation
New York, August 13, 2003 – XL Capital Assurance
Inc. (XLCA) announced today that it has issued a triple-A rated
financial guarantee in connection with a $400 million securitization
of automobile finance contracts for Onyx Acceptance Corporation
– XLCA’s second guarantee of an Onyx term financing
this year. Credit Suisse First Boston was the lead manager.
Onyx purchases, securitizes, and services near-prime
automobile finance contracts originated by auto dealerships across
the United States. The company, formed in 1993, is listed on the
NASDAQ.
John Hall, President and Chief Executive Officer
of Onyx, said, “This transaction was well-received by investors.
We continue to be pleased with our relationship with XLCA.”
Deborah Murnin, a Director at XLCA and head of the
Auto ABS Group, said, “The market reception was once again
strong for XLCA-insured Onyx bonds. We are gratified that Onyx chose
XLCA to diversify its sources of triple-A rated credit enhancement,
and look forward to a long-term relationship with the company.”
XLCA, rated triple-A by Moody’s Investors
Service, Standard & Poor’s Ratings Services and Fitch
Ratings, is a New York-domiciled financial guarantee insurer that
specializes in commercial and consumer asset securitization, structured
investment products, power & utilities, global infrastructure,
future flow securitization, U.S. public finance, and bank deposit
insurance.
XLCA is an indirect, wholly owned subsidiary of
XL Capital Ltd (NYSE: XL) which, through its operating subsidiaries,
is a leading provider of insurance and reinsurance coverages and
financial products to industrial, commercial and professional service
firms, insurance companies and other enterprises on a worldwide
basis.
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