Virgin Money launches securitisation issue
Virgin Money announces today that it is launching its first securitisation issue, Gosforth 2012-1, following the acquisition of Northern Rock plc in January 2012. The transaction will help to diversify both the source and term of the Company’s funding base, supporting corporate strategy including new lending activity.
Notes will be secured on Northern Rock plc's prime UK residential mortgage assets. Bank of America Merrill Lynch, Barclays Capital, Deutsche Bank and Royal Bank of Scotland have been appointed as joint lead managers for the deal, which is expected to price and close in early July, subject to market conditions.
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NOTES TO EDITORS
About Virgin Money
- Virgin Money acquired Northern Rock plc from Her Majesty’s Treasury on 1 January 2012. The acquisition included:
- 75 Northern Rock branches
- One million customers
- c.£14bn mortgage book
- c.£16bn retail deposit book
- c.2,100 employees
- Combined with Virgin Money’s existing business of three million customers, the enlarged Group has over four million customers.
- The combined business operates under the Virgin Money brand.
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
- Virgin is the official sponsor of the London Marathon, the biggest annual fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.
Northern Rock plc
- On 1 January 2012, Northern Rock was acquired by Virgin Money.
- Northern Rock is a bank, authorised by the FSA as a deposit taker and mortgage lender. It offers savings accounts to customers in the UK and Ireland and mortgage products to UK borrowers. New products are offered through both direct channels - including a national branch network - and mortgage intermediaries.