Together prices second RMBS of 2024

Together Financial Services Limited

22 April 2024

Together prices second RMBS of 2024

22 April 2024

Together Financial Services Limited ("Together" or the "Group"), one of the UK's leading non-bank relationship lenders, announces the successful pricing of its £378 million 1st charge only residential mortgage backed securitisation ("RMBS"), Together Asset Backed Securitisation 2024 - 1ST1 PLC ("TABS11").

Highlights

·    £378m 1st charge only RMBS

·    1.08% weighted average cost of placed notes

o  94.9% advance rate

·    88.5% of issued notes expected to be rated AAA(sf) by S&P and AAA(sf) by Fitch

Mike McTighe, Chairman of Together commented: "We are delighted to announce the successful pricing of our second RMBS this year, which will help us to support more residential owner occupier and buy-to-let customers in realising their ambitions."

Gary Beckett, Group MD and Chief Treasury Officer at Together, added: "Since the start of our financial year in July, we have now raised or refinanced over £3.2 billion across eight transactions as we continue to add depth of funding and maturity to support our lending ambitions. This highlights the strength of our business model, quality of our loan book and strong ongoing support from our investors."

TABS11 is supported by a portfolio of 1st charge owner occupied and buy-to-let loans secured against residential property in England, Scotland and Wales and refinances assets in our Fairway Asset Backed Securitisation 1 Limited ("FABS") facility, launched in December 2022. The new facility complements the Group's existing seven public residential and four commercial real estate MBS, six private securitisation facilities, senior secured notes and banking syndicate facility (RCF).

BNPP and Wells Fargo acted as Co-arrangers and Joint Lead Managers accompanied by Santander as Joint Lead Managers.

For further enquires please contact:

Together

Mike Davies, Director of Corporate Affairs

+ 44 7753 138185

[email protected]

Abena Affum, Corporate Affairs Manager

+44 7542 862956

[email protected]

Camarco (Financial PR)

Ben Woodford

Eddie Livingstone-Learmonth

+44 2037818333

[email protected]

+44 2037574993

[email protected]

Together is the trading name of Together Financial Services Limited, which has its registered office address at Lake View, Lakeside, Cheadle, Cheshire SK8 3GW.

Ends

Further information about TABS11

TABS11 is a special purpose securitisation vehicle which will acquire the beneficial ownership to a portfolio of mortgage loans secured against residential properties in England, Wales and Scotland on the closing date. The notes issued by TABS11 will mature on the interest payment date falling in August 2064, with the optional redemption date on the interest payment date falling in May 2028, after which the margin on the rated notes (other than the class X note) issued by TABS11 is set to increase. The mortgage loans will be sold to TABS11 by Together Personal Finance Limited and Together Commercial Finance Limited (as applicable). Certain of those mortgage loans will be repurchased by Together Personal Finance Limited and Together Commercial Finance Limited from the FABS facility prior to being on-sold to TABS11 on the closing day. The outstanding principal balance of the mortgage loans sold to TABS11 is £378 million.

This announcement may include projections and other "forward-looking" statements within the meaning of applicable securities laws. Any such projections or statements reflect the current views of any of the transaction parties about future events and financial performance. The use of any of the words "expect," "anticipate," "continue," "will," "project," "should," "believe," "plans," "intends" and similar expressions are intended to identify forward-looking information or statements. Although Together believes that the expectations and assumptions on which such forward-looking statements and information are reasonable, undue reliance should not be placed on the forward-looking statements and information because Together can give no assurance that such statements and information will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties.

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