Together prices second successful RMBS within three months
Cheadle-based mortgage and specialist loan provider, Together announced to the Stock Market this morning the successful pricing of its £443 million 1st charge only residential mortgage backed securitisation, Together Asset Backed Securitisation 2023
The new facility complements the Group’s existing six public residential and three commercial real estate MBS, six private securitisation facilities, senior secured notes and banking syndicate facility (RCF).
The £443m RMBS will have a 1.48% weighted average cost of placed notes, a 94.65% advance rate and 90% of issued notes are expected to be rated highly by credit reference agencies – AAA(sf) by Fitch, AAA(sf) by S&P and AAA(sf) by KBRA.
Gerald Grimes, Group chief executive designate of Together said the pricing will help Together to “support more residential owner occupier and buy-to-let customers in realising their ambitions.”
Gary Beckett, Group Managing Director and Chief Treasury Officer at Together, added: “Over the last 12 months we have successfully added almost £1.5bn in funding to support our growth ambitions, highlighting the strength of our business model, quality of our loan book and strong ongoing support from our investors.”
The latest package is supported by a portfolio of 1st charge owner-occupied and buy-to-let residential mortgages, secured against properties in England, Wales and Scotland, and refinances assets forming part of the Group’s AA rated £1.25 billion Charles Street facility and Together’s senior secured notes.
Lloyds acted as Arranger and Joint Lead Manager accompanied by Barclays, MUFG and Wells Fargo as Joint Lead Managers.
