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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES AND EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported)
May 1, 1998
FIRSTPLUS Investment Corporation
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(Exact Name of Registrant as Specified in its Charter)
Nevada Not Applicable 75-2596063
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(State or Other Jurisdiction (Commission (I.R.S. Employer
of Incorporation) File Number) Identification No.)
3773 Howard Hughes Parkway
Suite 300N
Las Vegas, Nevada 89109
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(Address of Principal (Zip Code)
Executive Offices)
Registrant's telephone number, including area code: (702) 866-2236
No Change
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(Former Name or Former Address, if Changed Since Last Report)
Item 5. Other Events. The following press release issued by FIRSTPLUS
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Financial Group, Inc. in connection with the private placement by FIRSTPLUS
Investment Corporation, its wholly owned subsidiary, of $150,000,000 8.50%
Senior Residual Asset Backed Notes issued by FIRSTPLUS Residual Trust 1998-A,
is being filed herewith pursuant to paragraph (d) of Rule 135c of the 1933
Act:
PRESS RELEASE
CONTACT: Daniel T. Phillips, Chairman/CEO
Eric C. Green, President
William P. Benac, CFO
FIRSTPLUS Financial Group, Inc.
(214) 599-6300
FOR IMMEDIATE RELEASE
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Michele Katz, Ian Hirsch
Press: Brian Maddox, Estelle Bieber
Morgan-Walke Associates
(212) 850-5600
FIRSTPLUS COMPLETES FIRST INDUSTRY HLTV NET INTEREST MARGIN
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SECURITIZATION
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DALLAS, TEXAS, April 28, 1998 - FIRSTPLUS Financial Group, Inc. (NYSE: FP)
today announced it had privately placed $150 million of bonds secured by
interest only strips ("I/O Strips"), and a limited portion of servicing fees
to be earned, from its 1996-4, 1997-1, 1997-2, 1997-3 and 1997-4 High LTV
securitizations. William Benac, the Company's CFO, commented, "This
financing is a first for the HLTV home equity industry in securitizing I/O
strips and thereby enabling FIRSTPLUS to raise investor funds from its I/O
residuals." These bonds carry an 8.5% coupon and were sold at 99.55% of par
for a bond equivalent yield of approximately 8.87%. FIRSTPLUS will assign
portions of the I/O Strips to a bankruptcy remote entity. In accordance with
SFAS No. 125, FIRSTPLUS will account for this transaction as a financing and
will report no gain as a result of it.
The securities offered have not been and will not be registered under the
Securities Act of 1933 and may not be offered or sold in the United States
absent registration or an applicable exemption from registration
requirements.
FIRSTPLUS Financial Group, Inc. is a diversified consumer finance company
that, through its subsidiaries, originates, purchases, services, securitizes
and sells consumer finance receivables. FIRSTPLUS, headquartered in Dallas,
Texas, has regional offices in Denver, Colorado; Holly Springs, Mississippi;
Greenville, South Carolina; Columbus, Ohio; Columbia, South Carolina; Mission
Viejo, California; Salt Lake City, Utah; Tustin, California and a network of
origination branches nationwide. FIRSTPLUS also operates an industrial bank
out of Tustin, California.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
FIRSTPLUS Investment Corporation
By:
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Name: Lee F. Reddin
Title: Vice President
Dated: May 1, 1998