Paragon Banking Group PLC Completion of securitisation (2476M)

TIDMPAG

RNS Number : 2476M

Paragon Banking Group PLC

26 April 2018

Paragon Banking Group PLC

26 April 2018

Completion of securitisation

Paragon Banking Group PLC ("Paragon" or "the Group") is pleased to announce that it has completed its latest securitisation, Paragon Mortgages (No.25) PLC ("PM25"). The arrangers and joint lead managers were Lloyds Bank Plc, Morgan Stanley & Co International plc, with Merrill Lynch International also acting as a joint lead manager.

The final terms of the GBP724.7 million equivalent securitisation are as follows:

-- GBP600.0 million of Class A Notes priced at 65 basis points over three month LIBOR of which GBP225 million were retained by a Paragon group company

-- GBP33.5 million of Class B Notes priced at 95 basis points over three month LIBOR of which GBP1.7million were retained by a Paragon group company

-- GBP30.0 million of Class C Notes priced at 130 basis points over three month LIBOR of which GBP1.5 million were retained by a Paragon group company

-- GBP24.7 million of Class D Notes priced at 160 basis points over three month LIBOR which were retained by a Paragon group company

   --     GBP17.6 million of Class Z Notes retained by a Paragon group company 
   --     GBP18.9 million of Class S/SVFN Notes retained by a Paragon group company 

Commenting on today's announcement, Paragon's Chief Executive, Nigel Terrington, said:

"This is Paragon's first securitisation as a banking group and a return to the market following an absence of over two years. We are delighted with the result of this transaction, which is Paragon's largest securitisation since 2008 and at the lowest cost. The positive market reception is testament to the quality of Paragon's mortgage assets and the Group's position as one of the leading issuers in the UK securitisation market."

For further information, please contact:

Nigel Terrington, Chief Executive, 0207 786 8455

Richard Woodman, Chief Financial Officer, 0121 712 2607

This information is provided by RNS

The company news service from the London Stock Exchange

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April 26, 2018 06:31 ET (10:31 GMT)