Richefond Circle (RF) Limited (2022-03)
- Richefond Circle (RF) Limited
- Year : Mar 2022
Summary
Richefond Circle has issued Notes under its newly established R7bn Commercial Property Loan Mortgage-Backed Securitisation Programme.Using the proceeds of the Notes issuance, the Issuer will acquire an initial portfolio of Participating Assets, incorporating income-producing Commercial Property Loan Agreements originated by Investec and their Related Security, which includes Mortgage Bonds. The date of acquisition of each asset is to be the date of registration of its related Mortgage Bond in the name of the Issuer. The entire proceeds of the Notes issuance, R1.057m, are therefore held in the Capital Reserve as the Asset Acquisition Pre-Funding Amount, to be deployed towards the Purchase Price of Participating Assets as and when Mortgage Bonds register. The Asset Acquisition Pre-Funding Period ends on 9 September 2022. Any surplus of the Asset Acquisition Pre-Funding Amount on this date will be released from the Capital Reserve and will form part of Available Funds to be applied in accordance with the Priority of Payments.
Additional Information
The Security SPV, Richefond Circle Security SPV (RF) Proprietary Limited, has been incorporated and registered as a private company with limited liability. The Security SPV has been structured as a ring-fenced, insolvency remote Special Purpose Vehicle with the main purpose of issuing the Guarantee and exercising its rights under the Transaction Documents, enforcing security on behalf of the Noteholders and other Secured Creditors should an Enforcement Notice be delivered. The ordinary shares of the Security SPV are held by the Security SPV Owner Trust.
