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Paragon to launch £150m securitisation

The Paragon Group of Companies, the parent company of Paragon Mortgages, is to launch a £150m securitisation.

The firm has instructed Lloyds Bank Corporate Markets, Macquarie Bank, London Branch and Morgan Stanley as lead managers to launch the transaction.

The final terms of the securitisation are yet to be decided but Paragon estimates the size of the transaction to be around £150m and pricing will be around 275 basis points over three-month Libor.

In July, Paragon said the preparations for its securitisation launch were “well advanced”.

The lender announced its return to new lending in September last year, following its withdrawal from the market in February 2008.Paragon secured a £200m revolving credit facility from Macquarie Bank, which will be refinanced in the wholesale markets.

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