Non-bank lender Together has separated and increased its £1.25bn Charles Street securitisation programme (CABS) into two revolving warehouse facilities totalling £1.59bn.
Together said the move would help “support its well-established residential mortgage-backed securitisation (RMBS) programmes” and “simplifies and more closely aligns” the group’s funding structure with its RMBS programme.
The revolving warehouse facilities include a £1.2bn Kingsway Asset Backed Securitisation that will support first charge RMBS issuances.
The second, the £387m Wilmslow Asset Backed Securitisation, will back second charge RMBS issuances.
Together said four new banks had been added to the facilities and maturities had been extended to December 2029.
The CABS facility has been gradually growing, increasing to £675m in 2014, then to £1bn in 2016 and £1.25bn in 2018.
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Gary Beckett, group managing director and chief treasury officer of Together, said: “We are delighted to announce the separation of our CABS securitisation into two more efficient bespoke revolving warehouse facilities to support our highly successful first and second charge RMBS issuance programmes. The separation of the facility on improved terms reflects the continued strength of our business and the long-term support of our funding partners.”
Last year, Together refinanced over £3.3bn of facilities across seven transactions. This included increasing its Lakeside securitisation programme (LABS) from £825m to £1bn in November last year.
