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American Business Financial Services originates, sells and services home equity loans in the eastern, central and western United States.
The board of directors of ABFS retained us to advise the company on a program for increasing the equity base of ABFS.
We recommended an Exchange Offer through which the company offered to holders of its outstanding investment notes a combination of convertible preferred stock (with an increasing base feature) and senior collateralized subordinated notes.
The initial Exchange Offer was successful in increasing the shareholders’ equity of ABFS by $63.2 million and the follow-on offer increased equity by an additional $46.1 million.
We structured the Exchange Offers and advised the board through closing on the transactions.
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