Funding Circle offers £241.6 million small- and medium-sized enterprise notes

By Cristal Cody

Tupelo, Miss., June 25 – Funding Circle Ltd. plans to price £241.6 million of British pound sterling notes due March 2028 in the manager’s second securitization transaction backed by small- and medium-sized enterprise loans this year, according to market sources.

The Small Business Origination Loan Trust 2019-2 DAC deal includes £149 million of class A floating-rate asset-backed notes (Aa3/AA); £3.45 million of class B floating-rate asset-backed notes (A3/AA); £19.55 million of class C floating-rate asset-backed notes (Baa3/AA) and £21.85 million of class D floating-rate asset-backed notes (Ba3/A).

The deal also includes £24.15 million of non-rated class E floating-rate asset-backed notes, £11.5 million of non-rated class X floating-rate asset-backed notes and £11.5 million of non-rated class Z variable-rate asset-backed notes.

Deutsche Bank AG, London Branch is the placement agent.

Funding Circle will manage the securities, which are collateralized by small business loans originated through its online lending platform.

The CLO manager priced the £180.26 million Small Business Origination Loan Trust 2019-1 DAC transaction on April 2.

Funding Circle is a London-based peer-to-peer lending marketplace for investors and small- and medium-sized businesses.

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