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A $300 million renewable energy and personal loan ABS transaction has been priced by non-bank lender Plenti.
Fintech lender Plenti has announced that it has priced its first asset-back securities (ABS) transaction of the year.
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The $300 million Plenti PL & Greens ABS 2023-1 covers personal, home solar and home battery receivables.
It takes Plenti’s total ABS issuance to over $1.3 billion.
According to the lender, the transaction is expected to settle on or around 21 February 2023.
Speaking of the issuance, Plenti’s chief financial officer, Miles Drury, said he was “delighted” to have completed the renewable energy and personal loan transaction.
“The transaction was upsized from $200 million to $300 million and priced attractively relative to comparable ABS transactions at the end of 2022, reflecting strong early support from Plenti relationships investors and improved debt capital market conditions,” he said.
“The positive outcome was also supported by the steps we have taken in the past year to further diversify our investor base, which led to significant offshore investor demand in the transaction.”
Mr Drury particularly tanked the ABS investors that subscribed for the green loan A1-G tranche of the structure at “preferential pricing”. He said that, by doing so, they were “helping support Australia’s clean energy transition”.
National Australia Bank (NAB) acted as arranged, and NAB, Westpac and Standard Chartered Bank acted as joint-lead managers.
Plenti continues green finance push
Plenti has been focusing on green finance in recent years, having launched electric vehicle products in 2021 and a range of solar partnerships over the past few years.
Its loan book recently grew to just under $1.7 billion (as at the end of 2022), 51 per cent above the previous corresponding period (PCP) and 8 per cent higher than the prior quarter.
Automotive loan originations made up 47.8 per cent of the total loan originations at $142 million, an increase of 62.4 per cent on the same period in 2021. Renewable energy loan originations saw a “record” quarter at $34 million, 16 per cent higher than the previous quarter while personal loan originations hit $121 million, 21 per cent above the prior quarter.
[Related: Plenti ends 2022 with $1.67bn book]
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