Plenti prices renewable energy and personal loan ABS

Plenti have announced the pricing of our second asset-backed securities transaction, totalling $280 million and covering renewable energy and personal loans receivables.

The pricing achieved on the transaction substantially reduces Plenti’s funding costs. In addition, the reduced equity requirement relative to Plenti’s renewable energy and personal loan  warehouse facility releases capital back to the business to fund further loan book growth.

As with Plenti’s inaugural automotive ABS issue in 2021, the credit support required by Moody’s  at each rating level reflects the exceptional credit performance and credit profile of the  underlying renewable energy and personal loans.

Commenting on the transaction, Miles Drury, Plenti’s Chief Financial Officer, said, “The successful completion of Plenti’s second ABS transaction – our first backed by renewable energy and personal loans – will further diversify and deepen our funding structures while reducing our cost of funding, two key strategic objectives for Plenti.

“Despite a backdrop of geopolitical instability and market volatility, we were pleased with investor support for the transaction which demonstrates their confidence in the Plenti business and our ongoing growth opportunity.

“The inclusion of a substantial green-certified tranche in the transaction supports Plenti’s ambition of helping Australian households transition to renewable energy and improve their carbon footprint. ”

The transaction is expected to settle on or around 10 March 2022, subject to satisfaction of customary conditions precedent.

To read more about it, please visit: https://www.plenti.com.au/newsroom/plenti-prices-renewable-energy-and-personal-loan-abs/