Archive | Securitisation

Origin sets rates for $200 million preference share issue

Published 30 August 2007Origin Energy Contact Finance No 2 Ltd set the margin & minimum dividend rate yesterday for a $200 million public offer of preference shares.

The offer is expected to open on Tuesday 4 September and close on Friday 5 October. 

The expected issue date is Tuesday 9 October and the dividend from then until 14 October 2008 will be the higher of 10% and the reference rate (one-year benchmark swap rate on Monday 8 October 2007) plus the margin of 1.5%/year.

Origin Energy is seeking preliminary indications of interest. Organising participant is ASB Securities.

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Attribution: Company release, story written by Bob Dey for this website.

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Propertyfinance Securities plans $20 million-plus securitisation

Published 18 September 2005

Propertyfinance Securities Ltd, main subsidiary of listed finance sector company Avon Investments Ltd, is proposing to securities up to $20 million of Prime First commercial mortgages.

The specialist property financier had $76 million of total assets at 31 March & $7.67 million of shareholders’ funds. It said its new commercial & residential loans were secured exclusively by registered first mortgages.

The Prime First securitisation programme follows a similar programme for HeadStart loans to residential owner-occupiers announced in April.In the new programme, up to $20 million of loans will be sold initially to a special-purpose entity established with the NZ Guardian Trust Co Ltd, which will issue notes to financial institutions, maturing in 2039 and priced at a fixed margin over 90-day bank bills. Up to $40 million of notes will be issued, the difference between $20-40 million being used to securities new loans.Propertyfinance Securities said the deal would cut its cost of funds.

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