REG - Paragon Grp Co PLC - Completion of Securitisation <Origin Href="QuoteRef">PARA.L</Origin>

Paragon BankingAnnouncement

23/07/2015 10:50

RNS Number : 8812T
Paragon Group Of Companies PLC
23 July 2015
The Paragon Group of Companies PLC
23 July 2015
Completion of securitisation
The Paragon Group of Companies PLC ("Paragon") is pleased to announce that it has completed its latest securitisation, Paragon Mortgages (No.23) PLC ("PM23"). The joint lead managers were Lloyds Bank Corporate Markets, Macquarie Bank Limited London Branch, Morgan Stanley and Natixis.
The final terms of the 300.0 million equivalent securitisation are as follows:
 105.0 million of Class A1 Notes priced at 70 basis points over three month EURIBOR (73.3 million Sterling equivalent)
 188.6 million of Class A2 Notes priced at 110 basis points over three month LIBOR
 14.8 million of Class B Notes priced at 165 basis points over three month LIBOR
 15.8 million of Class C Notes priced at 220 basis points over three month LIBOR
 7.5 million of Class E Notes retained by a Paragon Group company
A Paragon Group company provided a 7.5 million First Loss Fund. 
Commenting on today's announcement, Paragon's Chief Executive, Nigel Terrington, said: "This latest securitisation demonstrates the strength of Paragon's programme and depth of demand by both Sterling and Euro investors. We were pleased with the competitive funding we achieved in a more challenging market, which reflects the strength of Paragon's asset quality and the Group's reputation as a leading securitiser in the UK asset backed securities market."
For further information, please contact:
Nigel Terrington
Chief Executive
020 7786 8455

Victoria Lisowski
Communications Manager
0121 712 2563

This information is provided by RNS
The company news service from the London Stock Exchange
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