Finance CMBS
Franklin Credit Announces Hedge Agreements
May 7, 2008

Franklin Credit Management Corp. has announced that it has entered into interest rate swap agreements in order to hedge an additional portion of its interest-rate-sensitive borrowings against future increases in short-term interest rates. Effective April 30, 2008, the Company entered into $275 million (notional amount) of fixed-rate interest rate swaps in order to effectively stabilize the future interest payments on a portion of its interest-sensitive borrowings. The fixed-rate swaps are for a period of three years, are non-amortizing, and at a fixed rate of 3.47 percent. These swaps will reduce further its exposure to future increases in interest costs on a portion of its borrowings due to increases in the 30-day London Interbank Offered Rate (LIBOR). The interest rate swaps were executed with the its lead lending bank.

 
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