January 2020 by Finacity
Stamford, CT – January 30, 2020 – Finacity Corporation (“Finacity”), a member of the Greensill family of companies, announces the close of a trade receivables securitization program for Black Box Corporation (“Black Box”), a subsidiary of AGC Networks Singapore Pte Limited (“AGC”). The securitization program finances receivables originated by Black Box’s subsidiaries in the United States and United Kingdom, and its proceeds were used to refinance the credit facility provided to Black Box upon its acquisition by AGC in January 2019.
The securitization program comprises multiple tranches and allows up to $90 million in senior funding by Fifth Third Bank, National Association. In addition, Greensill has provided a $15 million subordinated facility to further enhance the company’s liquidity. The securitization program achieved accounting derecognition per both IFRS and US GAAP.
Finacity provided analytic and structuring support, as well as serving as the ongoing transaction administrator and control party. Fifth Third Bank funds the senior tranche and serves as the ongoing agent.
Deepak Bansal, Global CFO of AGC and CFO of Black Box, commented: “This transaction is a very important milestone and is testimony to the business transformation done by all team members at Black Box in a one-year period post-acquisition by AGC. We are pleased with the support extended by senior lender Fifth Third Bank, subordinated note holder Greensill and administrator Finacity for concluding this transaction. This securitization facility will further help us to grow our business and make our balance sheet strong.”
The program is one of many deals closed since Finacity joined Greensill in June 2019, adding Finacity’s world leading receivables securitization capabilities to Greensill’s market leading financing capabilities for all aspects of working capital finance.
About Black Box Corporation
Black Box Corporation provides digital solutions that assist its customers to design, build, manage, and secure their IT infrastructure. It offers IT infrastructure, specialty networking, multimedia, and keyboard/video/mouse switching products. The company also provides communications lifecycle, unified communications, structured cabling, video/AV, in-building wireless, and data center services. It distributes its products and services primarily through value-added resellers, direct marketing manufacturers, mass merchandisers, Web retailers, manufacturers, large system integrators, and other technical services companies. It serves government, healthcare, business services, manufacturing, retail, technology, banking, and other industries worldwide. Black Box Corporation was founded in 1976 and is headquartered in Lawrence, Pennsylvania. As of January 7, 2019, Black Box Corporation operates as a subsidiary of AGC Networks Pte. Limited. For further information, please visit www.blackbox.com.
Finacity, a member of the Greensill family of companies, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.
Greensill is a leading provider of finance to businesses and people around the world. Founded in 2011, Greensill offers alternative sources of funding, allowing companies to provide suppliers with the opportunity for faster payment, while at the same time preserving their own capital position. The company is headquartered in London with offices in New York, Frankfurt, Chicago, Miami, Singapore, Sao Paulo, Mexico City, Johannesburg, Sydney, Warrington and Bundaberg. Greensill provides working capital finance facilities to customers across Europe, North America, Latin America, Middle East, Africa, and Asia. The company owns Greensill Bank, which was founded in Bremen, Germany in 1927, has a suite of proprietary Supply Chain Finance Funds run by world leading fund management organisations, acquired Finacity in June 2019 and FreeUp in October 2019. Greensill works with dozens of institutional investors that together provide stable funding. In 2019, Greensill provided more than US$150 billion of financing to more than 8 million customers and suppliers across more than 175 countries. For further information, please visit greensill.com.
For more information on this transaction, please contact:
Tel: +1 (203) 428-3506