Turners successfully diversifies funding of receivables

Company Announcement
14 September 2023



Turners successfully diversifies funding of receivables ledger

Turners Automotive Group (NZX:TRA) has successfully completed its inaugural NZ ABS transaction
through a private placement transaction with a leading New Zealand based investor.

The transaction is an important step in bringing further diversification and ultimately capacity to the
funding of Oxford Finance receivables, and support the company’s ambition for further growth in the
loan book.

Todd Hunter CEO said “Turners Automotive Group are really pleased to have a large domestic fixed
interest investor run the ruler over our finance receivables and back the Turners business. We have
worked hard on improving the quality of the Oxford loan book over the last 5 years and the investor
support reflects this improvement.”

Highlights:
 NZ$100 million ABS closed pool of fixed rate auto finance receivables
 Prime quality loan pool achieved AAA rating for $90.7M


Note
Volume
(NZ$M)
Expected Rating
(Fitch) 1
Initial Credit
Support
Coupon 1mth BKBM
Bid +
Modelled
WAL 2
Class
A1
70 AAAsf 30.0% 155bps 1.3
Class
A2
20.7 AAAsf 9.3% ND 1.3
Class B 9.3 NR NA ND 2.2
Total 100.0


ENDS



About Turners

Turners Automotive Group Limited is an integrated financial services group, primarily operating in the
automotive sector www.turnersautogroup.co.nz

For further information, please contact:

Aaron Saunders, Group Chief Financial Officer, Turners Automotive Group Limited, Mob: 027 493 8794
Todd Hunter, Group Chief Executive Officer, Turners Automotive Group Limited, Mob: 021 722 818