| First Sierra Financial, Inc. | |||
| Ticker: | FSFH | 600 Travis Street | |
| Exchange: | NASDAQ-National Market | Houston, TX 77002 | |
| Industry: | Financial (SIC Code 6159) | (713) 221-8822 | |
| Type of Shares: | Common Shares | Filing Date: | 2/28/97 | |
| U.S. Shares: | 2,000,000 | Offer Date: | 5/15/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $8.00 - $10.00 | |
| Primary Shares: | 2,000,000 | Offer Price: | $8.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.56 | |
| Offering Amount: | $18,000,000 | Selling: | $0.33 | |
| Expenses: | $740,000 | Reallowance: | $0.10 | |
| Shares Out After: | 8,140,754 |
| Manager | Tier | Phone |
| Friedman, Billings, Ramsey & Co., Inc. | Lead Manager | (703) 312-9571 |
| Issuer's Law Firm: | Vinson & Elkins |
| Bank's Law Firm: | McDermott, Will & Emery |
| Auditor: | Arthur Andersen |
Dollar amounts in U.S. millions except for per share data | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 12/31/96 | ||||
| Revenue: | $11.36 | Assets: | $103.83 | ||
| Net Income: | $1.16 | Curr Assets: | |||
| EPS: | $0.20 | Liabilities: | $77.69 | ||
| Prior EPS: | $0.14 | Curr Liabilities: | |||
| Cash Flow/Oper: | $6.21 | Equity: | $26.14 | ||
| Cash Flow/Fin: | Cash: | ||||
| Cash Flow/Inv: | |||||
| Business Description |
| The company is a specialized finance company that acquires and originates, sells and services equipment leases. The underlying leases financed by the company relate to a wide range of equipment, including computers and peripherals, computer software, medical, dental and diagnostic, telecommunications, office, automotive, servicing, hotel security, food services, tree service and industrial, as well as specialty vehicles. The equipment generally has a purchase price of less than $250,000 (with an average of approximately$17,000), and thus the company's leases are commonly referred to as "small ticket leases." The company initially funds the acquisition of its leases through its warehouse credit facilities and, upon achieving a sufficient portfolio size, sells such receivables in the public and private markets, principally through its securitization program. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used to repay all outstanding amounts under the Subordinated Note and a portion of the amounts outstanding under one of the company's warehouse facilities, and to fund the cash portion of the consideration in the Heritage Acquisition. |