By Cristal Cody
Tupelo, Miss., July 17 – Funding Circle Ltd. closed Wednesday on a new £243,539,000 offering of notes due March 2028 in the manager’s second securitization transaction backed by small- and medium-sized enterprise loans this year, according to a market source.
The Small Business Origination Loan Trust 2019-2 DAC deal included £150,773,000 of class A floating-rate asset-backed notes (Aa3/AA), £3,479,000 of class B floating-rate asset-backed notes (A3/AA), £19,716,000 of class C floating-rate asset-backed notes (Baa3/AA) and £22,036,000 of class D floating-rate asset-backed notes (Ba3/A).
The deal also included £24,355,000 of non-rated class E floating-rate asset-backed notes, £11.59 million of non-rated class X floating-rate asset-backed notes and £11.59 million of non-rated class Z variable-rate asset-backed notes.
Final pricing details were not immediately available.
Deutsche Bank AG, London Branch was the placement agent.
Funding Circle will manage the securities, which are collateralized by small business loans originated through its online lending platform.
The CLO manager also priced the £180.26 million Small Business Origination Loan Trust 2019-1 DAC transaction on April 2.
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 2019-2 DAC
|
| Amount: | £243,539,000
|
| Securities: | Floating-rate asset-backed and variable-rate notes
|
| Maturity: | March 2028
|
| Structure: | SME securitization
|
| Placement agent: | Deutsche Bank AG, London Branch
|
| Manager: | Funding Circle Ltd.
|
| Settlement date: | July 17
|
|
|
| Class A notes
|
| Amount: | £150,773,000
|
| Securities: | Floating-rate asset-backed notes
|
| Ratings: | Moody’s: Aa3
|
| S&P: AA
|
|
|
| Class B notes
|
| Amount: | £3,479,000
|
| Securities: | Floating-rate asset-backed notes
|
| Ratings: | Moody’s: A3
|
| S&P: AA
|
|
|
| Class C notes
|
| Amount: | £19,716,000
|
| Securities: | Floating-rate asset-backed notes
|
| Ratings: | Moody’s: Baa3
|
| S&P: AA
|
|
|
| Class D notes
|
| Amount: | £22,036,000
|
| Securities: | Floating-rate asset-backed notes
|
| Ratings: | Moody’s: Ba3
|
| S&P: A
|
|
|
| Class E notes
|
| Amount: | £24,355,000
|
| Securities: | Floating-rate asset-backed notes
|
| Ratings: | Non-rated
|
|
|
| Class X notes
|
| Amount: | £11.59 million
|
| Securities: | Floating-rate asset-backed notes
|
| Ratings: | Non-rated
|
|
|
| Class Z notes
|
| Amount: | £11.59 million
|
| Securities: | Variable-rated asset-backed notes
|
| Ratings: | Non-rated
|
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