Plenti upsizes automotive facility to $450m

Plenti has increased its secured automotive loan warehouse facility from $350 million to $450 million in a trading update to the ASX for the quarter ended 30 June 2021 (Q1 FY22).

The increase in capacity has come at the same time as a material reduction in the equity that Plenti is required to contribute to the facility due to the credit performance and credit quality of the underlying loans, thereby releasing equity funding back to the company to support ongoing growth.

Plenti’s first warehouse was set up to fund secured automotive loans and had an initial facility size of $50 million at the beginning of 2020.

It was upsized from $150 million to $275 million in December last year.

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Source: Plenti upsizes automotive facility to $450m – The Adviser