Business
Launch of fourth securitised loan note SPV
Launch of fourth securitised loan note SPV.
About this update from Sancus Lending Group Limited
[{"type":"text","content":"\n \nRNS Number : 2123V GLI Finance Limited 20 July 2018 \n\nGLI Finance Limited\n(\"GLI\" or the \"Company\")\nLaunch of fourth securitised loan note SPV\nGLI announces that Sancus BMS Group Limited (\"Sancus\"), a wholly owned subsidiary of GLI, has launched Sancus Loan Note 4. A new special purpose vehicle (the \"SPV\") has been established with a 15 month life. The initial raise is £5.85 million through the issue of senior notes entirely to external investors, and it is likely that further draws of funds will be made in the next 3 months, to reach a maximum total raise of £15 million. The funds in the SPV will be deployed into loans which will be arranged by Sancus and its subsidiaries. As part of the loan note, investors will be paid interest monthly at a rate of 6% annualised and Sancus is assuming a 20% first loss position. \nThe SPV's loan portfolio will be managed by Amberton Asset Management Limited. \nCommenting on the investment, Andy Whelan, the Chief Executive of GLI and Sancus, said:\n\"I am delighted to confirm the launch of this fourth SPV. Sancus is committed to ensuring that it has numerous sources of funding available to meet its growing loan origination/book and the Loan Notes are complimentary to its existing co-funder network and its £50m credit facility from Honeycomb Investment Trust. It is particularly pleasing to see the continuing interest from the market to participate in these Loan Notes, and through this mechanism, in the loans arranged by Sancus.\"\nFor further information, please contact:\nGLI Finance Limited\nAndy Whelan\n+44 (0)1534 708900\nLiberum Capital Limited (Nominated Adviser and Corporate Broker)\nSteve Pearce\nChris Clarke\nTrystan Cullen\n+44 (0) 20 3100 2190\nInstinctif Partners (PR Advisor)\nTim Linacre/Ambrose Fullalove\n+44 (0)207 457 2020\nLEI: 213800S2XOO3YSEGCA26\n\nThis information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com. END MSCUKUSRWNABAAR\n ","length":3396,"tagName":"div"}]