Wolf Receivables Financing 3 Plc: 27 December 2023

A stand-alone transaction, where the Issuer will make payments on the Notes from Receivable Collections received on a portfolio of Receivables. Receivable means an outstanding receivable, debt or loan, in each case that is not a derivative or a security, owed by a Debtor, acquired by the Seller from a Third Party Seller, directly or indirectly, and purchased by the Issuer from Lowell Portfolio I Ltd on the Closing Date.

The Lowell Group is one of the largest Credit Management Services (CMS) providers in Europe, by revenue and ERC in the debt purchasing business and by third-party debt under management in the third-party collection services business. The Lowell Group provides a range of credit management services across the UK, DACH (collectively, Germany, Austria and Switzerland) and Northern Europe (collectively, Denmark, Finland, Norway and Sweden) to a broad client base that includes some of the largest credit providers in Europe. The principal activity of the Lowell Group is the acquisition and collection of non-performing, generally unsecured, consumer debt portfolios.

On the Provisional Portfolio Cut-Off Date, the Provisional Portfolio was expected to comprise of 234,622 Receivables and had an aggregate Current Balance of £630,034,072 and a 15-Year ERC of £245,747,831. The Average Outstanding Balance is £2,685 and the WA seasoning is 17.61 years. Receivable Type: credit card – 53.82%, Personal unsecured loan – 25.37%, General Banking – 10.32%.

Significant Investor: On the Closing Date, 100% of the Class B Notes will be purchased by the Retention Holder.

UK & EU Risk Retention: Lowell Portfolio 1 Ltd (the Retention Holder), acting as “originator” will, for the life of the transaction, retain a material net economic interest of not less than 5% in the securitisation in accordance with Article 6 of the UK Securitisation Regulation and Article 6 of the EU Securitisation Regulation. As at the Closing Date, such interest will comprise of holding no less than 5% of the nominal value of each class of Notes sold or transferred to investors on the Closing Date.

STS: The transaction is not intended to comply with the requirements for a simple, transparent and standardised securitisation within the meaning of Article 18 of the UK Securitisation Regulation or Article 18 of the EU Securitisation Regulation.

Compare/contrast: Performer Funding 1 plc, Pavillion Point of Sale 2021-1A plc