New Century Financial Corporation (Form: 8-K)  

 

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):   September 28, 2006

New Century Financial Corporation
__________________________________________
(Exact name of registrant as specified in its charter)

     
Maryland 001-32314 56-2451736
_____________________
(State or other jurisdiction 		_____________
(Commission 		______________
(I.R.S. Employer
of incorporation) File Number) Identification No.)
      
18400 Von Karman Avenue, Suite 1000, Irvine, California   92612
_________________________________
(Address of principal executive offices) 		  ___________
(Zip Code)
     
Registrant’s telephone number, including area code:   (949) 440-7030

Not Applicable
______________________________________________
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:

[  ]  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))

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Item 1.01 Entry into a Material Definitive Agreement.

On September 28, 2006, the registrant, New Century Mortgage Corporation, an indirect wholly owned subsidiary of the registrant ("NCMC"), NC Capital Corporation, a direct wholly owned subsidiary of NCMC ("NC Capital"), Home123 Corporation, an indirect wholly owned subsidiary of the registrant ("Home123"), and New Century Credit Corporation, a direct wholly owned subsidiary of the registrant ("NCCC" and, together with NCMC, NC Capital and Home123, the "Sellers"), entered into an Amended and Restated Master Repurchase Agreement (the "Amended and Restated MRA") with Bank of America, N.A. ("BofA"). The purpose of the Amended and Restated MRA was to amend and restate the Master Repurchase Agreement (as amended, the "Original MRA") among the parties to, among other things, extend the termination date to September 1, 2007. Concurrently, the registrant entered into an Amended and Restated Guaranty (the "Guaranty"), dated as of September 28, 2006, in favor of BofA in order to guaranty the Sellers’ obligations under the Amended and Restated MRA. The Amended and Restated MRA and the Guaranty are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report and are incorporated herein by reference.





Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


10.1 Amended and Restated Master Repurchase Agreement, dated as of September 28, 2006, by and among New Century Financial Corporation, NC Capital Corporation, New Century Credit Corporation, Home123 Corporation, New Century Mortgage Corporation and Bank of America, N.A.

10.2 Amended and Restated Guaranty, dated as of September 28, 2006, by and between New Century Financial Corporation and Bank of America, N.A.





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SIGNATURES

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.

         
    New Century Financial Corporation
          
October 4, 2006   By:   /s/ Brad A. Morrice
       
        Name: Brad A. Morrice
        Title: President and Chief Executive Officer

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Exhibit Index


     
Exhibit No.   Description
 
10.1
  Amended and Restated Master Repurchase Agreement, dated as of September 28, 2006, by and among New Century Financial Corporation, NC Capital Corporation, New Century Credit Corporation, Home123 Corporation, New Century Mortgage Corporation and Bank of America, N.A.
10.2
  Amended and Restated Guaranty, dated as of September 28, 2006, by and between New Century Financial Corporation and Bank of America, N.A.