November 13, 2018 / 7:09 AM / a month ago

BRIEF-Amigo completes debut securitisation facility, lowers cost of capital

Nov 13 (Reuters) - Amigo Holdings PLC:

* AMIGO HOLDINGS PLC IS PLEASED TO ANNOUNCE COMPLETION OF ITS INAUGURAL SECURITISATION FACILITY OF £150M ( “FACILITY”), FIRST TRANSACTION OF ITS KIND IN GUARANTOR LOAN SPACE.

* FACILITY WILL BE DEPLOYED TO FUND NEW CUSTOMER ORIGINATIONS AS AMIGO CONTINUES TO EXPAND WITHIN UK’S NON-STANDARD FINANCE MARKET. FACILITY WILL ALSO BE USED TO REPAY DRAWINGS UNDER COMPANY’S EXISTING REVOLVING CREDIT FACILITY.

* FACILITY, WHICH HAS A MINIMUM THREE-YEAR TERM AND AMORTISES THEREAFTER, WILL HAVE A FUNDING RATE C. 500 BPS BELOW CURRENT COST OF COMPANY’S SENIOR SECURED NOTES AND WILL, IN TIME, LOWER AMIGO’S OVERALL AVERAGE COST OF CAPITAL. Source text for Eikon: Further company coverage: (Reporting By Sinead Cruise)

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