Fri 06/25/2021 02:56 AM
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UPDATE 1: 2:56 a.m. ET 6/25/2021: U.K. consumer loans provider Amigo said it has extended the securitization facility performance trigger waiver period to Sept. 24, 2021 from June 25, 2021.

Given the current suspension of all new lending activity at Amigo, the size of the securitization facility has been reduced to £100 million from £250 million, effective June 25, 2021.

All cash generation arising from customer loans held within the facility is restricted and will continue to be used during the extended waiver period to further reduce the outstanding balance of the facility. The facility is currently drawn down by £27 million.

The group said that it has reviewed options with the Financial Conduct Authority regarding the proposed scheme of arrangement and discussions are ongoing. It said this could result in a revised scheme of arrangement or insolvency. The High Court declined to sanction the company’s scheme of arrangement last month, as reported.

Original Story 9:28 a.m. UTC on Nov. 27, 2020

Amigo Extends Securitization Performance Trigger Waiver to June 2021

Relevant Document:
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U.K. consumer loans provider Amigo has further extended the performance trigger waiver period of its £250 million securitization facility to June 25, 2021. As of the date of renewal, the facility was £132.4 million drawn.

The group had previously extended the waiver to Dec. 18 from Aug. 14 and reduced the size of the facility to £250 million from £300 million. The group announced on Thursday that it had agreed the extension in principle and expected to make a confirmation announcement shortly.

The group said all cash generation arising from customer loans held within the facility is restricted and will continue to be used during the waiver period extension to further reduce the outstanding balance.
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