FIRSTPLUS Financial Completes $468,387,500 Asset-Backed Securitization

Business Wire, Feb 11, 1998

DALLAS--(BUSINESS WIRE)--February 11, 1998--FIRSTPLUS Financial Group, Inc. (NYSE:FP) today announced that it has completed the issuance of $468,387,500.00 million in asset-backed notes. The securities, which are backed by high loan-to-value home equity loans, were issued by FIRSTPLUS Home Loan Owner Trust 1998-1. This is the Company's fifteenth offering, underwritten by a syndicate led by PaineWebber Incorporated and co-managed by Bear, Stearns & Co. Inc., Deutsche Morgan Grenfell, and Merrill Lynch & Co.

The offering utilized a senior/subordinated structure and consisted of 10 classes of notes. It was the Company's fourth public offering of asset-backed securities without a monoline insurance policy. The securities were rated by Standard & Poor's Rating Services, Duff & Phelps Credit Rating Co., and Fitch IBCA, Inc. The securitization's publicly offered classes, associated average lives and yield spreads with respect to one-month LIBOR for the A-1 Notes and the related U.S. Treasury Bonds for the remaining notes are as follows:

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                                             Average     Spread to
Class         Amount             Rating        Life      Benchmark

A-1 Notes    $126,758,000.00       AAA         0.87       LIBOR 14bps

A-2 Notes      43,036,000.00       AAA         2.00       0.6200%
A-3 Notes      80,263,000.00       AAA         3.00       0.7200%
A-4 Notes      25,881,000.00       AAA         4.00       0.8000%
A-5 Notes      21,180,000.00       AAA         5.00       0.8800%
A-6 Notes      33,700,000.00       AAA         7.00       1.1500%
A-7 Notes      20,746,000.00       AAA        10.00       1.3800%
A-8 Notes      20,873,500.00       AAA        11.90       1.6000%
M-1 Notes      66,912,500.00        AA         8.10       1.4500%
M-2 Notes      29,037,500.00        A          8.10       1.6500%