Business
Announcement of Securitisation Transaction
Announcement of Securitisation Transaction.
About this update from Amigo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 1211H Amigo Holdings PLC 13 November 2018 \n\n13 November 2018\n \nAmigo Holdings PLC \n(\"Amigo\" or the \"Company\")\nAnnouncement of Asset Backed Securitisation Transaction\nAmigo Holdings PLC is pleased to announce the completion of its inaugural securitisation facility of £150m (the \"Facility\"), the first transaction of its kind in the guarantor loan space. \n \nThe Facility will be deployed to fund new customer originations as Amigo continues to expand within the UK's non-standard finance market. The Facility will also be used to repay drawings under the Company's existing revolving credit facility.\n \nThe Facility, which has a minimum three-year term and amortises thereafter, will have a funding rate c. 500 bps below the current cost of the Company's senior secured notes and will, in time, lower Amigo's overall average cost of capital. \n \nGlen Crawford, CEO of Amigo said:\n \n\"This new funding line is another significant step forward for Amigo and an industry first for the guarantor loan sector. The securitisation is in line with our stated intention to continue to diversify our funding sources and reflects the market's belief in the underlying quality of our business.\"\n \nThe Facility is provided by RBC Europe Limited (trading as RBC Capital Markets) as Sole Lead Arranger.\n \nThis announcement constitutes notice by Amigo Luxembourg S.A. (the \"Issuer\") to the holders of the Issuer's £400,000,000 Senior Secured Notes due 2024 (for the notes issued pursuant to Rule 144A of the United States Securities Act of 1933, ISIN: XS1533928468 and Common Code: 153392846; for the notes issued pursuant to Regulation S of the United States Securities Act of 1933, ISIN: XS1533928625 and Common Code: 153392862) (the \"Notes\") issued pursuant to pursuant to Section 4.03(a)(3) of an indenture dated January 20, 2017 among, inter alia, the Issuer, the guarantors named therein and U.S. Bank Trustees Limited, as trustee and security agent. Amigo Holdings PLC is the indirect parent company of the Issuer. This announcement shall constitute a \"Report\" to holders of the Notes.\n \nThis announcement contains inside information for the purposes of article 7 of Regulation 596/2014 (\"MAR\").\n-ENDS-\nContacts: \n \nHawthorn Advisors Tel: 020 3745 4960\na...