ASX Announcement - National Launches Medfin's 4th Public Term Issue - 3 March 2004
Medfin Trust Series 2004-1, a special purpose securitisation vehicle arranged by National Australia Bank, has today launched an AUS$151.5 million Medium Term Note issue.
This is the fourth public deal backed by automobile and equipment loans, leases and hire purchase agreements to medical practitioners, originated by Medfin Australia Pty Limited. Previous issues include Medfin Trust Series 2003-2 ($151.5m), Medfin Series 2003-1 Trust ($151.5m) and Medical Finance Series 2002-1 Trust ($106.32m).
Cathy Houston, Director Securitisation at National Australia Bank, said: "We expect appetite to be strong, as performance to date of all issues has been excellent, investors are now familiar with the name "Medfin" and the volume and structure of previous deals is similar for this issue."
The Medium Term Notes issued by Medfin Trust Series 2004-1 consists of:
| Amount | Class | S&P Rating | Indicative Pricing | Weighted Average Life (est.) |
| $144.0m | Class A | AAA | 29-32bp/30 day BBSW | 2.1 years |
| $3.0m | Class B | A | Private Placement | 2.1 years |
| $3.0m | Class C | BB | Private Placement | 2.9 years |
| $1.5m | Class D | Unrated | Private Placement | 2.9 years |
This issue has the same tranching and amortisation structure as the previous three issues.
Medfin is a wholly owned subsidiary of MLC Limited and has operated in this specialised finance area since 1990. Medfin now services more than AUD700 million of assets.
The Medical Finance Series 2002-1 Trust $106.1 million issue in August 2002 won the Insto Structured Deal of the Year due to its innovative nature and was the first public issue of automobile and specialised equipment receivables in the Australian market.
For further information:
Cathy Houston
Director of Securitisation
Tel: +61 (0)2 9237 1043
Fidelma Ryan
Communications Adviser
Tel: +61 (0)3 8641 2586