MW Asset Rentals (RF) Ltd - R2.5bn Lease Receivables Backed Note Programme

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MW Asset Rentals (RF) Limited (2021-11)
  • MW Asset Rentals (RF) Ltd - R2.5bn Lease Receivables Backed Note Programme
  • Year : Nov 2021
2 Tokens
USD 150.00
Summary

MW Asset Rentals (RF) Ltd (the “Issuer”) is a R2.5bn Lease Receivables Backed Note Programme (the “Transaction”) that has issued R1.45bn of Class A Notes. The Issuer will use the proceeds from the New Notes to refinance the R200m MWAR03 Notes that will mature on their Scheduled Maturity Date of 22 November 2021 and to purchase additional participating assets. GCR performed the cash flow modelling of the Transaction using the contemplated capital structure and additional information provided by the arranger for the purpose of the indicative rating. Based on such modelling and information, GCR does not expect the new issuance to have any negative impact on the ratings of the existing Notes.

Additional Information

The Transaction is in its revolving phase and continues to acquire assets on a monthly basis. None of the Transaction’s Stop Purchase Triggers and Portfolio Covenants were breached from January 2021 up to August 2021. The Transaction’s Liquidity Reserve, Capital Reserve and Arrears Reserve were maintained at their required levels over the same period.

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