Praetura Asset Finance has closed a £75m securitisation facility with NatWest Markets.
The rated facility will allow Praetura to expand its origination capacity, enabling growth in its loan book to provide up to £200m to SMEs across the UK.
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NatWest has previously granted funding of £30m into Praetura’s existing loan books, and the latest facility is intended to enable Praetura to increase its funding capacity.
The deal is part of Praetura’s strategy of leading organic growth and consolidation in the sector, having recently acquired Cheshire-based Kingsway Finance following a £15m investment by RM Secured Direct Lending. Praetura has set an official target of a £250m loan book by 2021.
Peadar O’Reilly, founding director of Praetura Asset Finance Group, said: “This securitisation is an exciting development for Praetura, not least because it validates the quality of our loan book and the talent of our team. With our debt rated for public markets, it forms a platform for organic growth and gives us further capability to enhance that growth through the acquisition of complementary businesses.
“We’re an ambitious company; we set Praetura Asset Finance up five years ago and we now have a loan book of over £100m. This inaugural securitisation will help us grow the company significantly and continue to achieve new ambitions.”
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By GlobalDataGeorge Ross, director of financial institutions origination and solutions, NatWest Markets, said: “We are pleased to have helped Praetura with a financing solution to meet its growth ambitions. This rated facility is a key step towards enabling Praetura to access capital markets for a public debt issuance in the future.”
Praetura Asset Finance Group was supported in the securitisation by EY and RM Funds, a subsidiary of RM Capital. EY served as financial advisor to Praetura, helping the company to source its financing partners, structure the rated transaction and develop a hedging strategy. RM Capital provided funding for the securitisation, while also advising on the process.
