rams has refinanced, page-23

Announcement just out.

This doesn;t fix the $6 billion refinancing problem does it?

Can someone explain what all this means...its over my head.



RAMS Home Loans Group Limited (RHG)
ABN 22 055 136 564
ASX Announcement
RAMS is Marketing a A$250 Million Bond Issue
26 September 2007 – RAMS Treasury Services Pty Ltd, a wholly owned subsidiary of RHG is considering a proposed A$250 million issue of residential mortgage- backed securities. RHG is investigating prospects for a new series of notes, Series 2007 – 3 which would, if the transaction proceeds and subject to successful pricing, be issued by RAMS Mortgage Securities Pty Ltd as trustee of the RAMS Mortgage Securities Trust.
The proposed transaction has not yet been priced and there is no certainty that it will proceed. Until pricing occurs, dealers are not committed to subscribe for the notes and the interest rate on the notes is not certain. RHG will update the market if and when the transaction is confirmed and pricing occurs.
If issued:
•
the Class A notes are expected to be rated AAA by Standard and Poor’s Rating Group and Aaa by Moody’s investor Service;
•
the Class AB notes are expected to be rated AAA by Standard and Poor’s Rating Group and Aa1 by Moody’s investor Service; and
•
the Class B notes, are expected to be rated AA by Standard and Poor’s and Aa2 by Moodys’.
The proposed transaction would be backed by prime residential mortgage loans. 100% of the loans are mortgage insured with a current weighted average pool loan to value ratio of 65.69%.
NJV Geddes
Secretary