Torque Securitisation (RF) Ltd

Torque Securitisation (RF) Limited (Torque) was established as a funding initiative by Iemas in 2012 and is a JSE listed special purpose vehicle which bought certain participating assets that complied with the eligibility criteria and portfolio covenants from Iemas. Torque initially funded the purchase of the participating assets by issuing unsubordinated, secured compulsory redeemable asset-backed notes to investors.

Company structure

torque

These notes were issued to various investors as class A, class B, class C and class D notes. The class B, class C and class D notes are subordinated in favour of the class A notes, the class C and class D notes are subordinated in favour of the class B notes and the class D notes are subordinated in favour of the class C notes.

Iemas sold participating assets, subject to the eligibility criteria and the portfolio covenants of the Programme Memorandum, to Torque. However, Torque commenced with voluntary early amortisation on 17 May 2016 and is consequently not permitted to acquire or replace any further participating assets in terms of the Programme Memorandum. The early amortisation process requires that subsequent cash generated by the structure should, except for statutory and other expenses, be utilised to repay the interest and capital of rated notes. All note repayments will be paid in descending order of rank based on the rating classes of the notes. Notes of equal ranking will be paid pari passu until the aggregate capital and interest of ranked notes have been repaid.

The Security SPV has been established for the purpose of guaranteeing the performance by Torque of its obligations to the secured creditors set out in the Priority of Payments. The Security SPV has accordingly issued the guarantee to the secured creditors on the basis that they will only proceed against the Security SPV under the guarantee in the event of Torque failing to meet its obligations to them.

Torque has provided the Security SPV with an indemnity in terms of which it indemnifies the Security SPV against all claims made under the guarantee. Torque’s obligations to the Security SPV under this indemnity are secured by a cession and pledge of all Torque’s assets to the Security SPV.

Torque has appointed Iemas as the servicer in respect of the participating assets and Iemas will continue, inter alia, to collect payments and administer and manage the portfolio of participating assets on an ongoing basis as set out in the servicing agreement.

Restated and Amended PM Torque Securitisation Part A.pdf
File size: 2.99 MB
Date: 9 June 2015
Download
Restated and Amended PM Torque Securitisation Part B.pdf
File size: 3.48 MB
Date: 9 June 2015
Download

Torque applicable pricing supplement A1.pdf
File size: 197.04 KB
Date: 12 December 2013
Download
Torque applicable pricing supplement A2.pdf
File size: 197.36 KB
Date: 12 December 2013
Download

Torque applicable pricing supplement A3.pdf
File size: 196.76 KB
Date: 12 December 2013
Download
Torque applicable pricing supplement A4.pdf
File size: 1.25 MB
Date: 13 August 2014
Download

Torque applicable pricing supplement A5.pdf
File size: 150 KB
Date: 17 August 2015
Download
Torque applicable pricing supplement B.pdf
File size: 198.57 KB
Date: 12 December 2013
Download

Torque applicable pricing supplement B2.pdf
File size: 150 KB
Date: 17 August 2015
Download
Torque applicable pricing supplement C.pdf
File size: 198.20 KB
Date: 12 December 2013
Download

Torque applicable pricing supplement C2.pdf
File size: 150 KB
Date: 17 August 2015
Download
Torque applicable pricing supplement D.pdf
File size: 202.11 KB
Date: 12 December 2013
Download

Torque Annual Financial Statement 2016.pdf
File size: 1.73 MB
Date: 15 December 2016
Download

Torque Annual Financial Statement 2015.pdf
File size: 1.73 MB
Date: 31 August 2015
Download

Torque Annual Financial Statement 2014.pdf
File size: 5.80 MB
Date: 30 January 2014
Download