Company Press Release: The FINOVA Group Inc.
June 1, 2000
SCOTTSDALE, AZ -- The FINOVA Group Inc. (NYSE: FNV) announced yesterday that its principal operating subsidiary,
FINOVA Capital Corporation, has completed a loan and lease securitization, resulting in initial proceeds of $302
million. Deutsche Bank Alex Brown acted as structuring agent for FINOVA. The structure of the transaction includes
a 364-day commitment to purchase up to $375 million of equipment loans and leases on a revolving basis. Funding
will be provided through one of Deutsche Bank Alex Brown's commercial paper conduits. The assets were originated
by FINOVA's Commercial Equipment Finance division, based in Paramus, N.J.
``We are extremely pleased with this development,'' said FINOVA Group President and Chief Executive Officer Matt
Breyne. ``This action underscores FINOVA's ability to successfully access funds and is a clear indication of the
intrinsic value of our portfolio.''
The FINOVA Group Inc., through its principal operating subsidiary, FINOVA Capital Corporation, is one of the nation's
leading financial service companies focused on providing a broad range of capital solutions primarily to midsize
business. FINOVA is headquartered in Scottsdale, Ariz., with business development offices throughout the U.S. and
in London, U.K., and Toronto, Canada. For more information, visit the company's website at www.finova.com .
This new release contains forward-looking statements such as predictions or forecasts. FINOVA assumes no obligation
to update those statements to reflect actual results, changes in assumptions or other factors. The forward- looking
statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results
to differ materially from those predicted. Those factors include FINOVA's ability to address its financing requirements
in light of its existing debt obligations and market conditions; pending and potential litigation related to the
special charge to earnings announced on March 27, 2000; the results of efforts to implement FINOVA's business strategy,
including the evaluation of strategic alternatives; the ability to attract and retain key personnel and customers;
conditions that adversely impact FINOVA's borrowers and their ability to meet their obligations to FINOVA; and
other risks detailed in FINOVA's SEC reports, including on page 15 of FINOVA's 10-K for 1999.
SOURCE: The FINOVA Group Inc.