Paragon Grp Of Co's (PAG) - Warehouse Facility Renewal and Increase
RNS Number : 2756Q
Paragon Group Of Companies PLC
05 November 2012
THE PARAGON GROUP OF COMPANIES PLC
5 November 2012
Paragon announces extension and increased warehouse facility with Macquarie
The Board of Directors of The Paragon Group of Companies PLC ("Paragon") is
pleased to announce the renewal of its mortgage warehouse facility with
Macquarie Bank Limited (London Branch), ("Macquarie"), with an increase in the
facility to £250 million from £200 million.
The facility, rated by Fitch Ratings, will be available until 13 December 2016
(and for drawing until 13 December 2014) to Paragon Fourth Funding Limited, a
100% owned subsidiary of Paragon and interest will be charged on the amount
drawn at an unchanged rate of three month LIBOR plus 2.875%. Paragon uses
warehouse facilities to originate and aggregate mortgage loans, where they are
held for a limited period prior to long-term funding in the mortgage backed
securitisation markets. Paragon recently completed its latest securitisation,
PM17, amounting to £200 million.
Commenting on the announcement, Chief Executive, Nigel Terrington, said: "We
are delighted to have strengthened our relationship with Macquarie, with whom
we have been working closely since our return to new lending. This extension
and increase in the loan facility means that the total warehouse capacity
within the Group is now £450 million and supports our growth plans in the
buy-to-let market, where we see continued landlord confidence in the sector,
supported by strong tenant demand."
Paragon intends to announce its full-year results on Tuesday 20 November 2012.
For more information please contact:
Nigel S Terrington, Chief Executive 07974 980157
Nick Keen, Finance Director 0121 712 2060
Paul Farrow, Fishburn Hedges 0207 544 3040
This information is provided by RNS
The company news service from the London Stock Exchange
AGRUGGWWGUPPGPC -0- Nov/05/2012 07:00 GMT
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