Paragon Banking Group PLC — Capital/Financing Update 2015

Jul 23, 2015

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RNS Number : 8812T

Paragon Group Of Companies PLC

23 July 2015

The Paragon Group of Companies PLC

23 July 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.23) PLC ("PM23"). The joint lead managers were Lloyds Bank Corporate Markets, Macquarie Bank Limited London Branch, Morgan Stanley and Natixis.

The final terms of the £300.0 million equivalent securitisation are as follows:

·    €105.0 million of Class A1 Notes priced at 70 basis points over three month EURIBOR (£73.3 million Sterling equivalent)

·    £188.6 million of Class A2 Notes priced at 110 basis points over three month LIBOR

·    £14.8 million of Class B Notes priced at 165 basis points over three month LIBOR

·    £15.8 million of Class C Notes priced at 220 basis points over three month LIBOR

·    £7.5 million of Class E Notes retained by a Paragon Group company

A Paragon Group company provided a £7.5 million First Loss Fund.

Commenting on today's announcement, Paragon's Chief Executive, Nigel Terrington, said: "This latest securitisation demonstrates the strength of Paragon's programme and depth of demand by both Sterling and Euro investors. We were pleased with the competitive funding we achieved in a more challenging market, which reflects the strength of Paragon's asset quality and the Group's reputation as a leading securitiser in the UK asset backed securities market."

For further information, please contact:

Nigel Terrington

Chief Executive

020 7786 8455

Victoria Lisowski

Communications Manager

0121 712 2563

This information is provided by RNS

The company news service from the London Stock Exchange

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