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

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MW Asset Rentals (RF) Limited (2021-12)
  • MW Asset Rentals (RF) Ltd - R2.5bn Lease Receivables Backed Note Programme
  • Year : Dec 2021
3 Tokens
USD 300.00
Summary

The Issuer used the proceeds from the New Notes to refinance the R200m MWAR03 Notes that matured on their Scheduled Maturity Date of 22 November 2021 and to purchase additional participating assets. Accordingly, the credit rating assigned to the MWAR03 notes was withdrawn. GCR performed the cash flow modelling of the Transaction using the provided capital structure and additional information provided by the arranger for the purpose of the rating. The Transaction has four Subordinated Loans outstanding with an aggregate value of R221,399,156. These are unrated and held by Merchant West (Pty) Ltd (“Merchant West”) as the Subordinated Loan Provider.

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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