Paragon Banking Group PLC

Capital/Financing Update • Nov 19, 2015

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RNS Number : 2921G

Paragon Group Of Companies PLC

19 November 2015

The Paragon Group of Companies PLC

19 November 2015

Completion of securitisation

The Paragon Group of Companies PLC ("Paragon") is pleased to announce that it has completed its latest securitisation, Paragon Mortgages (No.24) PLC ("PM24"). The joint lead managers were Lloyds Bank Corporate Markets, Macquarie Bank Limited London Branch, Morgan Stanley, Natixis and Bank of America Merrill Lynch.

The final terms of the £350.1 million equivalent securitisation are as follows:

·	€125.0 million of Class A1 Notes priced at 110 basis points over three month EURIBOR (£88.4 million Sterling equivalent)
·	£208.3 million of Class A2 Notes priced at 150 basis points over three month LIBOR
·	£19.3 million of Class B Notes priced at 245 basis points over three month LIBOR
·	£25.4 million of Class C Notes priced at 320 basis points over three month LIBOR
·	£8.75 million of Class Z Notes retained by a Paragon Group company

A Paragon Group company provided a £8.75 million First Loss Fund.

Commenting on today's announcement, Paragon's Chief Executive, Nigel Terrington, said: "We are pleased to have completed PM24 during a challenging period in the market.  Once again, we have seen strong demand from both Sterling and Euro investors and this transaction brings our total issuance in the securitisation market over the last 12 months to £1.2 billion."

Paragon's results for the year to 30 September 2015 will be announced on Tuesday 24 November 2015.

For further information, please contact:

Pandora Sharp, Company Secretary, Tel: 0121 712 2075

This information is provided by RNS

The company news service from the London Stock Exchange

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