Classes of debt in MAB securitisation
Here are details of the fixed and floating rate notes within the securitisation.
Class A1N
| Amount at 28 September 2024: | £61.6 million |
| Legal Maturity Date: | December 2030 |
| Coupon: | £ SONIA + 0.57% |
| Ratings: | BBB+ / A+ / A3 |
Class A2
| Amount at 28 September 2024: | £112.0 million |
| Legal Maturity Date: | December 2030 |
| Coupon: | 5.574% |
| Ratings: | BBB+ / A+ / A3 |
Class A3N
| Amount at 28 September 2024: | $128.9 million* |
| Legal Maturity Date: | December 2030 |
| Coupon: | $ SOFR + 0.71% |
| Ratings: | BBB+ / A+ / A3 |
Class A4
| Amount at 28 September 2024: | £74.6 million |
| Legal Maturity Date: | December 2030 |
| Coupon: | £ SONIA + 0.69% |
| Ratings: | BBB+ / A+ / A3 |
Class AB
| Amount at 28 September 2024: | £260.2 million |
| Legal Maturity Date: | December 2033 |
| Coupon: | £ SONIA + 0.72% |
| Ratings: | BBB / A- / Baa2 |
Class B1
| Amount at 28 September 2024: | £0.0 million (fully repaid in December 2023) |
| Legal Maturity Date: | December 2025 |
| Coupon: | 5.965% |
| Ratings: | BB / BB+ |
Class B2
| Amount at 28 September 2024: | £205.6 million |
| Legal Maturity Date: | December 2030 |
| Coupon: | 6.013% |
| Ratings: | BB / BB+ |
Class C1
| Amount at 28 September 2024: | £200 million |
| Legal Maturity Date: | September 2032 |
| Coupon: | 6.469% |
| Ratings: | B+ / BB |
Class C2
| Amount at 28 September 2024: | £50 million |
| Legal Maturity Date: | September 2034 |
| Coupon: | £ SONIA + 1.99% |
| Ratings: | B+ / BB |
Class D1
| Amount at 28 September 2024: | £110 million |
| Legal Maturity Date: | June 2036 |
| Coupon: | £ SONIA + 2.24% |
| Ratings: | B+ / B+ |
- Cash interest cost of securitised debt is 6.3%
- Floating rate notes are fully hedged over their full life
- Debt fully amortises by June 2036
- Interest is payable quarterly in arrears on 15 March, 15 June, 15 September, 15 December
- Class A1N, A3N, A4 and Class AB note ratings are the higher of Ambac ratings or underlying ratings
- Ratings are as given by Standard & Poors, Fitch and Moodys (on the Class A and AB notes)
Key terms of our securitisation
From debt service and dividends all the way to net worth, find out everything you need to know about the key terms used within our securitisation at Mitchells & Butlers.
Amortisation profile
Learn more about the bonds of Mitchells & Butlers and their legal amortisation profiles. A summary is also available to download, if you’d like to keep a copy.
Reports & Results
Anything you need relating to the various announcements and presentations of Mitchells & Butlers – including the Interim Investor Report and Financial Compliance Certificate – can be found here.
Securitisation & debt information
Learn about Mitchells & Butlers' securitised debt structure, including its historical development, asset backing, and regular performance updates.
