North American Mortgage Co., one of the nation's largest mortgage banks, said it filed a shelf registration with the Securities and Exchange Commission to issue up to $250 million of debt securities.
The company, based in Santa Rosa, Calif., said it plans to use the proceeds for general purposes, such as increasing loan production capabilities, financing originations, and repaying debt.
Fitch Investor Service said it rated the registration for senior debt as BBB-plus. Fitch also rated the company's $250 million commercial paper program F-2.
North American produced $7.1 billion of mortgages in the first six months of this year, ranking as the county's sixth largest originator, according to the newsletter Inside Mortgage Finance. The company raised about $68 million in an initial public offering in July 1992 and an additional $45 million through a second equity offering this May.