By Cristal Cody
Tupelo, Miss., April 8 – Funding Circle Ltd. sold £180.26 million of British pound sterling notes due Dec. 15, 2027 in a new securitization transaction backed by small- and medium-sized enterprise loans, according to market sources.
Small Business Origination Loan Trust 2019-1 DAC priced £119 million of class A floating-rate asset-backed notes at the British pound sterling Libor plus 105 basis points, £5.4 million of class B floating-rate asset-backed notes at Libor plus 180 bps; £12.61 million of class C floating-rate asset-backed notes at Libor plus 275 bps; £18.92 million of class D floating-rate asset-backed notes at Libor plus 380 bps; $15.32 million of class E floating-rate asset-backed notes at Libor plus 540 bps and $9.01 million of class Z variable-rate notes.
Deutsche Bank AG, London Branch was the placement agent.
Funding Circle will manage the securities, which are collateralized by small business loans originated through Funding Circle’s online lending platform.
Funding Circle is a London-based peer-to-peer lending marketplace for investors and small and medium-sized businesses.
| Issuer: | Small Business Origination Loan Trust 2019-1 DAC
|
| Amount: | £180.26 million
|
| Securities: | Floating-rate asset-backed and variable-rate notes
|
| Maturity: | Dec. 15, 2027
|
| Structure: | SME securitization
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Funding Circle Ltd.
|
| Pricing date: | April 2
|
|
|
| Class A notes
|
| Amount: | £119 million
|
| Securities: | Floating-rate asset-backed notes
|
| Coupon: | GBP Libor plus 105 bps
|
| Rating: | Moody’s: Aa3
|
|
|
| Class B notes
|
| Amount: | £5.4 million
|
| Securities: | Floating-rate asset-backed notes
|
| Coupon: | GBP Libor plus 180 bps
|
| Rating: | Moody’s: A3
|
|
|
| Class C notes
|
| Amount: | £12.61 million
|
| Securities: | Floating-rate asset-backed notes
|
| Coupon: | GBP Libor plus 275 bps
|
| Rating: | Moody’s: Baa2
|
|
|
| Class D notes
|
| Amount: | £18.92 million
|
| Securities: | Floating-rate asset-backed notes
|
| Coupon: | GBP Libor plus 380 bps
|
| Rating: | Moody’s: Ba3
|
|
|
| Class E notes
|
| Amount: | £15.32 million
|
| Securities: | Floating-rate asset-backed notes
|
| Coupon: | GBP Libor plus 540 bps
|
| Rating: | Moody’s: Non-rated
|
|
|
| Equity
|
| Amount: | £9.01 million
|
| Securities: | Variable-rated asset-backed notes
|
| Ratings: | Non-rated
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
