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| Filename | Urban-Ubomi-1-Class-A13-Public-Credit-Report-Apr-2024.pdf |
| Filesize | 636.03 KB |
| Version | paid report |
| Date added | April 30, 2024 |
| Downloaded | 0 times |
| Category | Credit Rating Reports, Structured Finance |
| Tags | South Africa |
On 23 March 2021, Urban Ubomi 1 issued a total of ZAR609M (USD3.4M) of Notes under its newly established ZAR2.5Bn Mortgage Loan Backed Securitisation Programme, its “Initial Issuance”.
Proceeds of the issuance together with the Subordinated Loan were used by the Issuer to acquire a pool of Loan Agreements together with their Related Security (the Participating Assets). The Loan Agreements were originated by TUHF Limited (TUHF) to small and medium sized companies and entrepreneurs who use the capital to fund predominantly residential property investments in the inner cities of South Africa. In addition, a portion of the proceeds funded an Arrears Reserve.
On 14 February 2022, in its “First Tap Issuance”, Urban Ubomi 1 issued an additional ZAR440M of Notes and increased its Subordinated Loan by ZAR67.7M.
On 14 December 2022, in its “Second Tap Issuance”, Urban Ubomi 1 issued an additional ZAR363M of Notes and increased its Subordinated Loan by c.ZAR4.5M.
On 5 May 2023, in its “Third Tap Issuance”, Urban Ubomi 1 issued an additional ZAR225M of Notes and increased its Subordinated Loan by ZAR18M.
The Issuer is now planning an issuance of [c.ZAR218M] of Class A13 Notes to refinance the maturing Class A1, A4, A7 and A10 Notes. The expected issuance amount will cover the expected outstanding amount of the maturing Classes of Notes as at the next Interest Payment Date of 15 May 2024. Under the post-refinance capital structure, credit enhancement available to each Class of Notes through subordination remains at levels that satisfy the conditions precedent per the Programme Memorandum.
The transaction is amortising from the start and Notes principal is repaid along with interest on each Interest Payment Date. The structure includes Interest Deferral Events for the Class B Notes and Class C Notes which are both calculated with reference to the Principal Deficiency, as defined in the transaction documentation. All payments are made in accordance with the Priority of Payments.
TUHF acts as the Issuer’s agent to perform both the Servicer and Administrator roles. The Standard Bank of South Africa Limited (SBSA) is the Account Bank and Hedge Counterparty. Both of SBSA’s appointments are subject to it maintaining the Required Credit Rating.