| | | FREE WRITING PROSPECTUS |
| | | FILED PURSUANT TO RULE 433 |
| | | REGISTRATION FILE NO.: 333-197550-01 |
| | | |
-----Original Message-----
From: Rbs Abs Syndicate (RBS SECURITIES INC) [mailto:rbsgc.abs@bloomberg.net]
Sent: Monday, September 15, 2014 9:55 AM
Subject: NEW ISSUE CMBS: WFRBS 2014-C23 *PUBLIC ANNOUNCEMENT*
WFRBS COMMERCIAL MORTGAGE TRUST 2014-C23 - PUBLIC NEW ISSUE
**ANNOUNCEMENT** $795.017MM CMBS OFFERING
CO-LEAD MANAGERS & JT BOOKRUNNERS: RBS AND WELLS FARGO SECURITIES
CO-MANAGER: GOLDMAN, SACHS & CO.
| OFFERED CERTIFICATES - PUBLIC |
| CLASS | F/MDY/MSTR | $SIZE(MM) | WAL | C/E | CUM LTV | NOI DY |
| A-1 | AAAsf/Aaa(sf)/AAA | 43.360 | 2.91 | 30.000% | 33.6% | 16.3% |
| A-2 | AAAsf/Aaa(sf)/AAA | 33.162 | 5.01 | 30.000% | 33.6% | 16.3% |
| A-3 | AAAsf/Aaa(sf)/AAA | 8.500 | 6.96 | 30.000% | 33.6% | 16.3% |
| A-4 | AAAsf/Aaa(sf)/AAA | 245.000 | 9.86 | 30.000% | 33.6% | 16.3% |
| A-5 | AAAsf/Aaa(sf)/AAA | 257.750 | 9.95 | 30.000% | 33.6% | 16.3% |
| A-SB | AAAsf/Aaa(sf)/AAA | 70.822 | 7.49 | 30.000% | 33.6% | 16.3% |
| A-S | AAAsf/Aa1(sf)/AAA | 56.451 | 9.96 | 24.000% | 36.5% | 15.0% |
| B | AA-sf/Aa3(sf)/AA- | 44.691 | 9.96 | 19.250% | 38.8% | 14.2% |
| C | A-sf/A3(sf)/A- | 35.281 | 9.96 | 15.500% | 40.6% | 13.5% |
| PEX | A-sf/A1(sf)/A- | 136.423 | 9.96 | 15.500% | 40.6% | 13.5% |
| X-A | AAAsf/NR/AAA | 715.045 | N/A | N/A | N/A | N/A |
| X-B | NR/NR/AAA | 156.416 | N/A | N/A | N/A | N/A |
| NON-OFFERED CERTIFICATES - PRIVATE (144A) |
| CLASS | F/MDY/MSTR | $SIZE(MM) | WAL | C/E | CUM LTV | NOI DY |
| D | BBB-sf/NR/BBB- | 76.444 | 9.99 | 7.375% | 44.5% | 12.3% |
COLLATERAL SUMMARY
| CUT-OFF DATE BALANCE: | $940,849,629 |
| NUMBER OF LOANS: | 92 |
| NUMBER OF PROPERTIES: | 111 |
| WA CUT-OFF LTV: | 65.1% |
| WA BALLOON LTV: | 56.8% |
| WA U/W DSCR: | 1.92x |
| WA U/W NOI DEBT YIELD: | 11.4% |
| WA MORTGAGE RATE: | 4.419% |
| TOP TEN LOANS %: | 53.2% |
| WA TERM TO MATURITY (MOS): | 360 |
| WA AMORTIZATION TERM (MOS): | 360 |
| WA SEASONING (MOS): | 0 |
| | |
| LOAN SELLERS: | WFB (56.9%), RBS (19.8%), LIG I (7.9%), |
| | C-III (5.4%), BASIS (5.2%), NCB (4.8%) |
| | |
| TOP 5 PROPERTY TYPES: | OFFICE (30.5%), RETAIL (25.3%), |
| | MIXED USE (13.9%), HOSPITALITY (9.9%), |
| | SELF STORAGE (9.6%) |
| | |
| TOP 5 STATES: | CA(37.7%), NY(16.0%), TX(7.4%), D.C.(5.1%), FL(4.6%) |
| | |
| MASTER SERVICER: | WELLS FARGO BANK, NATIONAL ASSOCIATION AND NCB, FSB |
| SPECIAL SERVICER: | CWCAPITAL ASSET MANAGEMENT AND NCB, FSB |
| SUBORDINATE CLASS REP: | AFFILIATES OF RAITH CAPITAL MANAGEMENT, LLC |
| | AND ALLIANCEBERNSTEIN L.P |
| | |
| DOCUMENTS & TIMING | |
| TERM SHEET, ANNEX A: | AVAILABLE |
| PRELIMINARY FWP: | MONDAY 9/15 |
| PRESALE REPORTS: | EARLY WEEK OF 9/15 |
| ANTICIPATED PRICING: | LATE WEEK OF 9/15 |
| ANTICIPATED SETTLEMENT: | SEPTEMBER 30, 2014 |
| | |
| ROADSHOW | |
| NEW YORK 1x1's: | MON, 9/15 |
| | |
| HARTFORD, BREAKFAST: | TUES, 9/16 @ 8:30AM EST, MAX'S DOWNTOWN |
| BOSTON, LUNCH: | TUES, 9/16 @ 12:00PM EST, THE LANGHAM |
| MINNEAPOLIS, BREAKFAST: | TUES, 9/16 @ 7:30AM CST, GRAND HOTEL MINNEAPOLIS |
| | |
| CONFERENCE CALLS: | UPON DEMAND |
| | |
| GLOBAL INVESTOR CALL | |
| PRE-RECORDED: | WWW.NETROADSHOW.COM |
| REVIEW CODE : | AVAILABLE MONDAY P.M. |
The issuer has filed a registration statement (including a base prospectus) with the SEC for the offering to which this free writing prospectus relates. Before you invest in this offering, you should read the base prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov . Alternatively, RBS Securities Inc. will arrange to send you the base prospectus at no charge if you request it by calling 1-866-884-2071.
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This communication has been prepared by RBS plc, RBS N.V. or affiliate. It may constitute an invitation to consider a derivatives transaction. It is not within the requirements to promote the independence of research or an offering document and is not an offer, recommendation, nor confirmation of terms. Certain transactions mentioned may give rise to substantial risks and may not be suitable for all investors. RBS may have positions, deal or make markets in these securities or related derivatives. Prices are based on current information and are subject to change. RBS makes no representation or warranties to accuracy or completeness. http://www.rbsm.com/psp/public/pagebuilder.aspx?page=co0150
