Paragon Banking Group PLC Completion of securitisation (2476M)
April 26 2018 - 5:31AM
UK Regulatory
TIDMPAG
RNS Number : 2476M
Paragon Banking Group PLC
26 April 2018
Paragon Banking Group PLC
26 April 2018
Completion of securitisation
Paragon Banking Group PLC ("Paragon" or "the Group") is pleased
to announce that it has completed its latest securitisation,
Paragon Mortgages (No.25) PLC ("PM25"). The arrangers and joint
lead managers were Lloyds Bank Plc, Morgan Stanley & Co
International plc, with Merrill Lynch International also acting as
a joint lead manager.
The final terms of the GBP724.7 million equivalent
securitisation are as follows:
-- GBP600.0 million of Class A Notes priced at 65 basis points
over three month LIBOR of which GBP225 million were retained by a
Paragon group company
-- GBP33.5 million of Class B Notes priced at 95 basis points
over three month LIBOR of which GBP1.7million were retained by a
Paragon group company
-- GBP30.0 million of Class C Notes priced at 130 basis points
over three month LIBOR of which GBP1.5 million were retained by a
Paragon group company
-- GBP24.7 million of Class D Notes priced at 160 basis points
over three month LIBOR which were retained by a Paragon group
company
-- GBP17.6 million of Class Z Notes retained by a Paragon group company
-- GBP18.9 million of Class S/SVFN Notes retained by a Paragon group company
Commenting on today's announcement, Paragon's Chief Executive,
Nigel Terrington, said:
"This is Paragon's first securitisation as a banking group and a
return to the market following an absence of over two years. We are
delighted with the result of this transaction, which is Paragon's
largest securitisation since 2008 and at the lowest cost. The
positive market reception is testament to the quality of Paragon's
mortgage assets and the Group's position as one of the leading
issuers in the UK securitisation market."
For further information, please contact:
Nigel Terrington, Chief Executive, 0207 786 8455
Richard Woodman, Chief Financial Officer, 0121 712 2607
This information is provided by RNS
The company news service from the London Stock Exchange
END
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