Allied Nationwide’s best loans up for grabs

Receivers for Allied Nationwide Finance have started a sales process for certain performing loans written by the finance company before its collapse last August.

Andrew Grenfell and Kerryn Downey of McGrathNicol said they were also seeking interest for performing receivables in Spiers Securities Limited, a securitisation vehicle of ANF.

ANF was a subsidiary of NZX-listed Allied Farmers Limited, which took over the stricken assets of Hanover and United Finance in December 2009.

During road shows for the Hanover deal, Allied Farmers told investors that some of the “better” Hanover loans could be transferred to ANF to shore up its balance sheet, improve liquidity and obtain a credit rating sufficient to remain in the Crown Retail Deposit Guarantee scheme.

That never happened and ANF’s trustee, Guardian Trust, appointed receivers on August 20 after ANF failed to repay maturing deposits.

ANF’s secured debenture holders, owed $128 million, have been reimbursed under the scheme. 

Mr Greenfell said the ANF and Spiers portfolios could be purchased jointly or separately “but all loans within each portfolio must be bought as a whole.

ANF has $113 million worth of loans outstanding.

The specific ANF loans earmarked for sale are in a portfolio spread across business and consumer finance leases, hire purchase agreements, revolving credit facilities and other loans predominantly secured by motor vehicles and other chattels. The portfolio also includes loans subject to a motor vehicle dealer agreement.

The Spiers Securities portfolio includes receivables for business-related finance leases and consumer finance.

Spiers Securities owed ANF $8.5 million by way of subordinated debt as at December 31. 

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