RCS - Together Fin. Svc. - Together prices its largest ever MBS
21/07/2022 08:15
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RNS Number : 2154T Together Financial Services Limited 21 July 2022
Together Fin. Svc.
Together prices its largest ever MBS
NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN
UNITED STATES
Together prices its largest ever MBS
21 July 2022
Together Financial Services Limited ("Together" or the "Group"), one of the
UK's leading mortgage and specialist loan providers, announces the pricing of
its £499.4 million 1st charge only residential mortgage backed securitisation
("RMBS"), Together Asset Backed Securitisation 2022 - 1ST1 PLC RMBS ("TABS7").
Highlights
· £499.4m 1(st) charge only RMBS
- Seventh successful RMBS since 2017
- Tenth mortgage backed securitisation ("MBS") overall
· Placed notes priced at a weighted average cost of 1.60% with an
advance rate of 92.62%
· 89% of issued notes expected to be rated AAA(sf) by Moody's, AAA(sf)
by S&P and AAA(sf) by KBRA
Gerald Grimes, Group CEO Designate of Together commented: "We are excited to
announce the pricing of our largest ever mortgage backed securitisation which
will provide significant additional funding to support our residential owner
occupier and buy-to-let customers in realising their ambitions."
Gary Beckett, Group Managing Director and Chief Treasury Officer at Together,
added: "TABS7 is our tenth public MBS since 2017 and our sixth successful
funding transaction since January, as we continue to add further strength and
diversity to our funding platform. We would like to thank our funding partners
who continue to show strong support for the Together growth story."
Over the past 19 months, Together has raised or refinanced over £5.9bn of
facilities across 14 transactions as we continue to diversify and extend our
funding profile. TABS7 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 ("CABS") and
the Group's senior secured notes. The new facility complements the Group's
existing six public residential and three commercial real estate MBS, five
private securitisation facilities, senior secured notes and banking syndicate
facility (RCF).
BNPP & Lloyds acted as Co-arrangers and Joint Lead Managers accompanied by
NatWest Markets as a Joint Lead Manager on TABS7.
Together intends to announce its results for the year to 30(th) June 2022 on
20(th) September.
For further enquires please contact:
Together
Mike Davies, Director of Corporate Affairs + 44 7753 138185
mike.davies@togethermoney.com (mailto:mike.davies@togethermoney.com)
Abena Affum, Corporate Affairs Manager +44 7542 862956
abena.affum@togethermoney.com (mailto:abena.affum@togethermoney.com)
Together is the trading name of Together Financial Services Limited, which has
its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8
3GW.
Ends
Further information about TABS7
TABS7 is a special purpose securitisation vehicle which will acquire the
beneficial ownership to a portfolio of mortgage loans secured against
residential properties in England, Wales and Scotland on the closing date. The
notes issued by TABS7 will mature on the interest payment date falling in June
2066, with the optional redemption date on the interest payment date falling
in June 2026, after which the margin on the rated notes issued by TABS7 is set
to increase. The mortgage loans will be sold to TABS7 by Together Personal
Finance Limited and Together Commercial Finance Limited (as applicable).
Certain of those mortgage loans were repurchased by Together Personal Finance
Limited and Together Commercial Finance Limited from the Charles Street
Securitisation facility and the Senior Secured Notes prior to being on-sold to
TABS7. The outstanding principal balance of the mortgage loans sold to TABS7
is £499.4 million.
This announcement may include projections and other "forward-looking"
statements within the meaning of applicable securities laws. Any such
projections or statements reflect the current views of any of the transaction
parties about future events and financial performance. The use of any of the
words "expect," "anticipate," "continue," "will," "project," "should,"
"believe," "plans," "intends" and similar expressions are intended to identify
forward-looking information or statements. Although Together believes that the
expectations and assumptions on which such forward-looking statements and
information are reasonable, undue reliance should not be placed on the
forward-looking statements and information because Together can give no
assurance that such statements and information will prove to be correct. Since
forward-looking statements and information address future events and
conditions, by their very nature they involve inherent risks and
uncertainties.
The forward-looking statements and information contained in this announcement
are made as of the date hereof and Together undertakes no obligation to update
publicly or revise any forward-looking statements or information, whether as a
result of new information, future events or otherwise, unless so required by
applicable securities laws.
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