Plenti prices PL & Green ABS announced taking 2024 issuance to over $1.1 billion.
Plenti Group Limited announced recently the pricing of a $330 million asset-backed securities (ABS) transaction.
Plenti Group Limited confirmed recently in a blog post the pricing of a $330 million asset-backed securities (ABS) transaction backed by “personal and renewable energy receivables (the Plenti PL & Green ABS 2024-2).”
This is notably Plenti’s third ABS transaction for the current year, thus “taking total issuance for the year to $1.16 billion.”
As stated in the announcement, the ABS structure was reportedly rated by Moody’s, with the strength of the credit performance and credit profile of the “underlying borrowers reflected in the credit support required for each tranche.”
The update also noted that “strong” pricing outcomes achieved saw the weighted average margin on notes issued “at 1.44%, down from 1.87% on the PL & Green 2024-1 ABS executed in February this year.”
Miles Drury, Plenti’s Chief Financial Officer (CF), said that they are pleased to have completed this $330 million renewable energy as well as personal loan ABS transaction, which is the “third transaction this year and their eighth overall, which takes Plenti’s total ABS issuance to over $2.8 billion.”
Miles added that the transaction priced at “attractive margins relative to comparable ABS transactions, reflecting strong support from Plenti relationship investors, significant new investor interest and healthy debt capital market conditions.”
Miles also noted that they they are eager to be introducing new investors to their ABS (or asset backed securities) program and would like to acknowledge the contributions of existing investors for their “ongoing support.”
As noted in the latest update from Plenti, the transaction is now expected to settle on or “around 1 November 2024, subject to satisfaction of customary conditions precedent.”
National Australia Bank acted as “arranger” and National Australia Bank, Westpac Banking Corporation and Standard Chartered Bank have reportedly acted “as joint-lead managers.”