Zip Co launches $200m securitisation deal
Anthony Macdonald, Sarah Thompson and Kanika Sood
Sep 26, 2022 – 4.58pm
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Buy-now-pay-later business Zip Co Limited has put a $200 million securitisation deal to investors via National Australia Bank as the arranger.
Zip co-founders Peter Gray and Larry Diamond. Louie Douvis
The Zip Master Trust Series 2022-1 is a securitisation of BNPL line of credit receivables to consumers originated by Zip. The notes were split into eight tranches and would be due in November 2023.
Price guidance at launch on Monday afternoon was 1.95 per cent above one-month BBSW for the top-most tranche, which was rated AAA by S&P. The lowest-rated tranche had guidance for 12.5 per cent above swaps.
The transaction was expected to price on September 27 and settlement would follow on October 4, the book message said.
Zip fell out of the ASX 200 at S&P’s September 19 quarterly rebalance, and has recently repaid $40 million worth of convertible notes to Susquehanna-related CVI Investments.
Zip Co launches $200m securitisation deal Anthony Macdonald,...
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