RCS - Together Fin. Svc. - Together prices second RMBS of 2024

ExperianAnnouncement

22/04/2024 08:15

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RNS Number : 4153L  Together Financial Services Limited  22 April 2024

Together prices second RMBS of 2024

Together Financial Services Limited

22 April 2024

Together prices second RMBS of 2024

22 April 2024

Together Financial Services Limited ("Together" or the "Group"), one of the
UK's leading non-bank relationship lenders, announces the successful pricing
of its £378 million 1(st) charge only residential mortgage backed
securitisation ("RMBS"), Together Asset Backed Securitisation 2024 - 1ST1 PLC
("TABS11").

Highlights

·    £378m 1(st) charge only RMBS

·    1.08% weighted average cost of placed notes

o  94.9% advance rate

·    88.5% of issued notes expected to be rated AAA(sf) by S&P and
AAA(sf) by Fitch

Mike McTighe, Chairman of Together commented: "We are delighted to announce
the successful pricing of our second RMBS this year, which will help us to
support more residential owner occupier and buy-to-let customers in realising
their ambitions."

Gary Beckett, Group MD and Chief Treasury Officer at Together, added: "Since
the start of our financial year in July, we have now raised or refinanced over
£3.2 billion across eight transactions as we continue to add depth of funding
and maturity to support our lending ambitions. This highlights the strength of
our business model, quality of our loan book and strong ongoing support from
our investors."

TABS11 is supported by a portfolio of 1(st) charge owner occupied and
buy-to-let loans secured against residential property in England, Scotland and
Wales and refinances assets in our Fairway Asset Backed Securitisation 1
Limited ("FABS") facility, launched in December 2022. The new facility
complements the Group's existing seven public residential and four commercial
real estate MBS, six private securitisation facilities, senior secured notes
and banking syndicate facility (RCF).

BNPP and Wells Fargo acted as Co-arrangers and Joint Lead Managers accompanied
by Santander as Joint Lead Managers.

For further enquires please contact:

Together

 Mike Davies, Director of Corporate Affairs  + 44 7753 138185

                                             mike.davies@togethermoney.com
 Abena Affum, Corporate Affairs Manager      +44 7542 862956

                                             abena.affum@togethermoney.com
 Camarco (Financial PR)

 Ben Woodford

                                             +44 2037818333

                                             ben.woodford@camarco.co.uk (mailto:ben.woodford@camarco.co.uk)

 Eddie Livingstone-Learmonth

                                             +44 2037574993

                                             Edward.Livingstone-Learmonth@camarco.co.uk
                                             (mailto:Edward.Livingstone-Learmonth@camarco.co.uk)

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 TABS11

TABS11 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 TABS11 will mature on the interest payment date falling in
August 2064, with the optional redemption date on the interest payment date
falling in May 2028, after which the margin on the rated notes (other than the
class X note) issued by TABS11 is set to increase. The mortgage loans will be
sold to TABS11 by Together Personal Finance Limited and Together Commercial
Finance Limited (as applicable). Certain of those mortgage loans will be
repurchased by Together Personal Finance Limited and Together Commercial
Finance Limited from the FABS facility prior to being on-sold to TABS11 on the
closing day. The outstanding principal balance of the mortgage loans sold to
TABS11 is £378 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.

 

 

 

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