Together, one of the UK’s leading specialist secured lenders, has today announced the successful completion of its debut public RMBS (residential mortgage-backed security) transaction, issuing £275m to support its growth strategy.
The Moody’s and DBRS rated Together Asset Backed Securitisation 1 PLC (“TABS”) will complement Together’s existing private securitisations, senior secured notes and banking syndicate facilities. TABS was 2.5 times oversubscribed in total, receiving very strong interest from a wide range of institutions.
TABS is supported by a portfolio of first and second charge owner-occupied and buy-to-let residential mortgages, secured against property in England, Wales and Scotland and will refinance assets forming part of the Together’s AA rated Charles Street facility, which was established 10 years ago.
Together’s group CFO Gary Beckett said:
“Together continues to go from strength to strength. This facility will further increase the depth and diversity of our funding structure to support the business on its exciting growth journey.”
Marc Goldberg, commercial CEO added:
“Having traded successfully for 43 years, we have a proven track record and a robust business model. The success of this transaction affirms our financial strength and will allow us to offer new products to our customers, putting us in a great position to move forward with our ambitious plans.”
Founded in 1974, Together has traded profitably through every economic cycle since. Today, the business has over 550 colleagues and a loan book in excess of £2.2bn, with record annual lending for the year to 30 June at £1.2bn.
The arrangers and joint lead managers to the £275m securitisation deal were HSBC, Lloyds Bank and Natixis, with Barclays and NatWest Markets as co-managers.