First Citizen Finance raises €235 million to support lending programme through 2024.
Securitisation oversubscribed with AAA tranche priced at just 77bps above 1-month Euribor.
Thursday 21st September 2023. First Citizen Finance, the non-bank lender led by Chris Hanlon, has raised over €235 million. First Citizen will use the proceeds to support its lending programme through 2024.
First Citizen Finance was set up in 2012 by former head of Permanent TSB Finance, Chris Hanlon. The company is a leading provider of Retail Financial Services including Car Finance, Agri Finance and CRE lending. First Citizen employs almost 100 people and provides a range of financial solutions across a diverse asset class.
Speaking today, Chris Hanlon said that the securitisation had exceeded their expectations; “We are delighted with the quantity and quality of investors who supported this transaction and the keen pricing we secured. We secured the support of about 20 of the largest US and European banks, insurance companies and investment managers and the offer was oversubscribed at each of the relevant tranches. Price wise, we are very happy with the reference price for the Triple A tranche (€208 million) at 1 Month Euribor + 77bps. This reflects a very strong performance against key peers.”
Mr. Hanlon confirmed that the proceeds will be used to support the company’s lending programme for motor finance along with other product lines.
The securitisation was arranged by Deutsche Bank who also acted as Lead Manager.
Issued on behalf of First Citizen Finance by Gordon MRM
Ref – Ray Gordon
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