6.25% Private Debt Note

                                                                                                  Partner mail      


Bath & West Finance Limited (“B&W”), with support from A-DCM, offers a 6.25% Senior Secured Note due 2024.

B&W is an innovative lender, conceived to exploit extensive opportunities existing within short-term property-backed lending niches. Founded in 2013 by Martyn Smith, B&W to date has underwritten over 200 loans with over £86m in lending. With no loss of capital or interest to its investors B&W has been able to finance over 400 homes. 

B&W is now scaling up and is seeking to attract GBP 50M (as part of a GBP 150M program) via the issuance of the senior secured notes. The proceeds of the issuance shall be used to originate first charge loans to prime UK-based borrowers, with a target weighted average Loan-To-Value of 65%. The notes are directly backed by the underlying assets, are unitrache, and can facilitate a look-though for regulatory capital efficiency. B&W furthermore provides an excess spread of 2%, puts in junior debt, and will remove all defaulting loans to a separate capital source. 

The issuer of the notes, S1Series DAC, is structured under a well-established wholesale institutional-grade secured note programme and is an Irish Designated Activity Company that is remote from bankruptcy. The Issuer will lend to a B&W SPV under a secured loan agreement, with all shares and assets of the borrower company pledged to the independent Security Trustee (City Partnership Trustee Limited), thus giving investors indirect recourse to the underlying pool of loans and the residual cash flows generated. The securities are listed at Vienna MTF and cleared through Euroclear/Clearstream with The Bank of New York Mellon acting as paying and settlement agent. You can find more info and the fact sheet via this link
 

UK Bridging 6.25% Senior Secured Notes due 2024:


About A-DCM: Headquartered in the Netherlands, we offer bespoke transaction and consultancy support to carefully selected players in the alternative debt and FinTech scene. Via our innovative bond structures and partnerships, we transform illiquid assets into tradable securities via the listing and frequent pricing. Hereby we make hard to access private debt opportunities readily available and allow for secondary liquidity.

For more information and access to the virtual data room, please contact Philip Niemeyer, Director at A-DCM:

· Email: Philip@a-dcm.com

· Phone: +31 6 220 47 020

 

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