RCS - Together Fin. Svc. - Together prices inaugural 2nd charge only RMBS

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20/05/2022 09:00

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RNS Number : 2381M  Together Financial Services Limited  20 May 2022

Together Fin. Svc.

Together prices inaugural 2(nd) charge only RMBS

Together Financial Services Limited

20 May 2022

NOT FOR PUBLICATION, DISTRIBUTION OR CIRCULATION IN

UNITED STATES

Together prices inaugural 2(nd) charge only RMBS

20 May 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 inaugural 2nd charge only Owner Occupied and Buy to Let mortgage backed
securitisation ("RMBS"), the £349 million Together Asset Backed
Securitisation 2022 - 2ND1 PLC RMBS ("TABS 2ND1").

Highlights

·    £349m inaugural 2nd charge only RMBS

-    Sixth successful issuance in 'TABS' RMBS programme since 2017

-    Eighth mortgage backed securitisation facility ("MBS") overall

·    Priced at weighted average cost of 1.96% with 91.6% advance rate

-    73.5% of issued notes expected to be rated AAA(sf) by S&P, AAA(sf)
by DBRS and AAA(sf) by KBRA

Gerald Grimes, Group CEO Designate of Together commented: "We are delighted to
announce the pricing of our inaugural 2nd charge only RMBS. TABS 2ND1 is
another exciting issuance for Together and will provide significant additional
headroom to increase our residential lending as we continue to shape our
business for an exciting future."

 

Gary Beckett, Group Managing Director and Chief Treasury Officer at Together,
added: "This is our fourth funding transaction since January and our eighth
public MBS since 2017, underlining the quality of our loan book and the
continued support for the Together growth story. TABS 2ND1 will provide
further depth to our funding profile and raise additional liquidity to support
the Group's future growth ambitions."

 

Over the past 17 months, Together has raised or refinanced over £5bn of
facilities across 12 transactions, including senior secured note issuances and
private and public securitisations, as we continue to diversify and extend our
funding profile to support our growth ambitions. TABS 2ND1 is supported by a
portfolio of 2nd 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"). TABS 2ND1 complements the Group's existing five public
residential and two commercial real estate MBS transactions, five private
securitisation facilities, senior secured notes and banking syndicate facility
(RCF).

Lloyds, BNPP and Citibank acted as Joint Lead Arrangers accompanied by Natixis
as Joint Lead Managers on TABS 2ND1.

Together intends to announce its results for the quarter to 31(st) March 2022
on 27(th) May 2022.

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)

 Camarco (Financial PR)

 Ben Woodford

                                             +44 2037818333

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

 Eddie Livingston-Learmouth

                                             +44 2037574993

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

 

Further information about TABS 2ND1

TABS 2ND1 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 TABS 2ND1 will mature on the interest payment date falling in
February 2054, with the optional redemption date on the interest payment date
falling in May 2026, after which the margin on the rated notes issued by TABS
2ND1 is set to increase. The mortgage loans will be sold to TABS 2ND1 by
Together Personal Finance Limited, Together Commercial Finance Limited and
Blemain Finance Limited (as applicable). Certain of those mortgage loans were
repurchased by Together Personal Finance Limited, Together Commercial Finance
Limited and Blemain Finance Limited from the Charles Street Securitisation
facility prior to being on-sold to TABS 2ND1. The outstanding principal
balance of the mortgage loans sold to TABS 2ND1 is £349 million.

About Together

Established in 1974, Together has been bringing common sense to the UK
specialist lending market for nearly 50 years. Our expertise in lending means
we can look beyond mainstream lending criteria to take an individual view of
customers' needs and treat each application on its own merits.

We offer a wide range of specifically designed products, including short-term
finance, auction finance, residential, buy-to-let and commercial mortgages and
secured loans through our established distribution network.

Together is the trading name of Together Financial Services Limited, which has
its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8
3GW.

 

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