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FLEETPARTNERS GROUP LIMITED — Capital/Financing Update 2021
Mar 9, 2021
64940_rns_2021-03-09_4f981ea4-761e-4b13-9465-4399b078ad73.pdf
Capital/Financing Update
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Level 6, 601 Pacific Highway St Leonards NSW 2065
Eclipx Group Limited | ABN: 85 131 557 901
10 March 2021
ASX Release
Market Announcements Office Australian Securities Exchange 20 Bridge Street Sydney NSW 2000
ECLIPX GROUP SUCCESSFULLY PRICES A$300M AUSTRALIAN ASSET BACKED SECURITISATION
Eclipx Group (“Eclipx” or “Group”) has today priced its sixth Australian asset backed securitisation (“ABS”), FP Turbo Series 2021-1 Trust, a A$300m ABS backed by Australian operating, finance and novated finance lease receivables originated by Eclipx.
Details of the FP Turbo Series 2021-1 Trust are as follows:
| Class | Provisional Ratings’ | Amount (A$m) | Mar | gin over 1m BBSW | |
|---|---|---|---|---|---|
| (Moodys) | |||||
| A | Aaa(sf) | 24000 | 063% | ||
| . | . | ||||
| B | Aa2(sf) | 14.10 | 1.35% | ||
| C | |||||
| A2(sf) | 10.50 | 1.65% | |||
| D | Baa2(sf) | 4.80 | 2.30% | ||
| E | Ba2(sf) | 11.70 | 4.10% | ||
| F | B1(sf) | 3.90 | 6.15% | ||
| Seller | Not rated | 15.00 | retained | ||
| TOTAL | 300.00 |
The ABS issuance will reduce the cost of funds on the portfolio of assets funded by this transaction and represents a further validation of the strength of the Group’s core competencies arising from 33+ years of credit underwriting and residual value risk management experience.
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Julian Russell, CEO of Eclipx, said, “it is pleasing to see capital markets investors continue to support our highly regarded ABS programme. We were delighted with investor engagement in the programme and to see investors reward our strong credit experience, particularly during the COVID period. The transaction achieved the tightest ABS print in the Australian securitisation capital markets since the GFC, whilst also meeting our objective of introducing new investors in our programme.”
Settlement is expected to occur on 18 March 2021.
ENDS
Authorised by: Investor enquiries Damien Berrell The Board of Eclipx Group Limited Eclipx Group [email protected] 0457357041
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