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FLEETPARTNERS GROUP LIMITED — Capital/Financing Update 2024
May 7, 2024
64940_rns_2024-05-07_ba422fad-dbdf-4603-b9aa-e74683f17891.pdf
Capital/Financing Update
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8 May 2024
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ASX Release
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Market Announcements Office Australian Securities Exchange 20 Bridge Street Sydney NSW 2000
FleetPartners Group successfully prices A$400m Australian Asset Backed Securitisation
FleetPartners Group (“FleetPartners” or “Group”) has today announced the pricing of its eighth Australian asset backed securitisation (“ABS”), FP Turbo Series 2024-1 Trust, a A$400m ABS backed by Australian operating, finance and novated finance lease receivables originated by FleetPartners.
Details of the FP Turbo Series 2024-1 Trust are as follows:
| Class | Provisional Ratings(Moody’s) | Amount (A$m) | Margin over 1m BBSW |
|---|---|---|---|
| A1 | Aaa(sf) | 260.2 | 1.15% |
| A1-G | Aaa(sf) | 75.0 | 1.15% |
| B | Aa2(sf) | 18.4 | 1.60% |
| C | A2(sf) | 14.0 | 2.05% |
| D | Baa2(sf) | 6.0 | 2.55% |
| E | Ba1(sf) | 6.4 | 4.90% |
| Seller | Not rated | 20.0 | retained |
| TOTAL | 400.0 |
FleetPartners is expected to be the first fleet management organisation to issue a green ABS tranche under the International Capital Markets Association Green Bond Principles. The green tranche will exclusively fund leases for electric vehicles and has been certified as a “Climate Bond” by the Climate Bonds Initiative, which is accepted globally as the leading certifier of green bonds.
The pricing achieved in this transaction represents a further validation of the strength of the Group’s core competencies, arising from 35+ years of credit underwriting and residual value risk management experience.
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Damien Berrell, CEO and MD of FleetPartners, said “the successful issuance of an ABS with a green tranche is a significant company milestone and a testament to our commitment to helping investors prioritise responsible and sustainable investments.”
Australia and New Zealand Banking Group, Commonwealth Bank of Australia and Westpac Banking Corporation acted as Joint Lead Managers for the transaction and settlement is expected to occur on 15 May 2024.
ENDS
| Authorised by:Damien BerrellChief Executive Officer and MD | Investor enquiriesJames OwensChief Financial Officer[email protected]+61 416 407 826 |
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