UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) August 1, 2005 (July 26, 2005)
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Anthracite Capital, Inc.
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(Exact name of registrant as specified in its charter)
Maryland 001-13937 13-397-8906
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(State or other jurisdiction of (Commission (IRS Employer
incorporation) File Number) Identification No.)
40 East 52nd Street, New York, New York 10022
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 810-3333
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N/A
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(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
ITEM 2.03. Creation of a Direct Financial Obligation or an Obligation Under an
Off-Balance Sheet Arrangement of a Registrant.
On July 26, 2005, Anthracite Capital, Inc. (the "Company") issued
$365,010,000 face amount of commercial mortgage related securities in a
non-recourse financing ("HY2"), through two of its affiliates, Anthracite
2005-HY2 Ltd. and Anthracite 2005-HY2 Corp. $240,134,000 face amount of senior
investment-grade notes were issued and sold in a private placement. A
subsidiary of the Company retained the Class E Notes, the subordinate
below-investment grade notes and the preferred shares of Anthracite 2005-HY2
Ltd. The table below sets forth further information with respect to the
structure of HY2.
Ratings Original Expected Final Payment
Class (Moody's/S&P/Fitch) Principal Balance Note Interest Rate Date
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Senior Notes
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Class A Notes Aaa/AAA/AAA $116,406,000 LIBOR + 0.370% August 2014
Class B Notes Aa2/AA/AA $52,593,000 LIBOR + 0.600% January 2015
Class C-FL Notes A2/A/A $25,360,000 LIBOR + 1.000% May 2015
Class C-FX Notes A2/A/A $7,000,000 5.487% May 2015
Class D-FL Notes Baa2/BBB/BBB $25,275,000 LIBOR + 2.000% July 2015
Class D-FX Notes Baa2/BBB/BBB $13,500,000 6.000% July 2015
Class E Notes Baa3/BBB-/BBB- $9,376,000 LIBOR + 2.200% July 2015
Junior Notes
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Class F Notes NR/BB/BB $58,000,000 6.000% July 2015
Class G Notes NR/NR/B $57,500,000 6.000% July 2019
Preferred Shares
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Preferred Shares NR/NR/NR $113,071,000* N/A N/A
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* Notional Amount
The total value of the underlying collateral portfolio is initially expected to
be approximately $378,165,710 in aggregate principal balance, which will
consist of approximately $330,280,710 in aggregate principal balance of
commercial mortgage-backed securities and $47,885,000 in aggregate principal
balance of unsecured debt issued by real estate investment trusts, all of which
have been purchased by Anthracite 2005-HY2 Ltd. as of July 26, 2005. The
Company is required to use commercially reasonable efforts to identify
$100,000,000 in additional commercial mortgage-backed securities to be
purchased by Anthracite 2005-HY2 Ltd. on or prior to April 26, 2006.
SIGNATURE
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.
ANTHRACITE CAPITAL, INC.
By: /s/ James J. Lillis
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Name: James J. Lillis
Title: Chief Financial Officer
Dated: August 1, 2005