Turners Announce Establishment of Securitisation Programme
25 January 2017
TURNERS ANNOUNCE ESTABLISHMENT OF $150M SECURITISATION PROGRAMME
Integrated automotive financial services group, Turners Limited (NZX: TNR) is pleased to announce the
receipt of credit approval for an initial 150 million dollar asset backed receivable securitisation
programme.
The newly established programme securitises the Groups consumer loan portfolio providing greater
flexibility through an improved funding structure, committed two year term capital, and improved
pricing. The programme provides Turners with the scalability to accommodate future growth strategies.
Arranged by the Bank of New Zealand, the programme has been structured to accommodate the finance
receivables originated by the Groups Dorchester Finance, Oxford Finance, and Southern Finance
businesses, as well as the receivables generated via the recently established MTF Partnership Channel.
Todd Hunter, Chief Executive Officer, commented "The securitisation programme has been a core
funding strategy for our business for some time now, and we are pleased to have received credit
approval for the programme with the improvements to structure, security and pricing this achieves”.
“The high quality of our consumer loan portfolio has directly enabled us to achieve commercial terms
with the Bank of New Zealand that accommodate the majority of the Turners Group receivables, and
provides committed funding to the Group at a competitive rate, with the structure able to
accommodate future growth opportunities."
The securitisation programme will be implemented during the month of February, with governance
services to be provided by New Zealand Guardian Trust. The first receivable sales transactions are
scheduled to occur during March 2017.
ENDS
About Turners
Turners Limited is an integrated financial services group, primarily operating in the automotive sector.
www.turnerslimited.co.nz
For further information, please contact;
Todd Hunter, Chief Executive Officer, Turners Limited, Mob: 021 722 818
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.
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