Finacity and ING Bank NV, Sucursal en España Facilitate up to USD 250 Million IFRS Off-Balance Sheet Securitization for Ferroglobe, PLC (NASDAQ: GSM)

Stamford, CT – 8 February 2018 – Finacity Corporation (“Finacity”) announced that it has successfully launched an IFRS off-balance sheet trade receivables securitization for Ferroglobe, PLC (NASDAQ: GSM) (“Ferroglobe”). The transaction allows for up to $250 million in funding of the senior tranche from ING Bank NV, Sucursal en España (‘ING”), as well as an initial investment from Finacity in the intermediate subordinated note. Finacity provided structuring and execution support and is responsible for ongoing program administration and reporting, as well as back-up servicing.

About Ferroglobe, PLC

Ferroglobe PLC (“Ferroglobe”) was established in London, England in 2015, as a result of a merger between Globe Specialty Metals and FerroAtlántica. Through the merger, Ferroglobe is uniquely positioned to leverage their strong position.

Ferroglobe is a supplier of silicon metal, silicon-based specialty alloys, and ferroalloys. The company is the largest producer of silicon metal in North America and is one of the largest producers of a wide variety of metal alloys and other metallic products in the world. Some of Ferroglobe customers’ industries include chemical silicon, aluminum and steel manufacturers, producers of photovoltaic solar cells and computer chips, the auto industry, ductile iron foundries, concrete and building material producers.

Ferroglobe is organized into several business areas (Electrometallurgy / Mining / Energy / Solar Photovoltaic Technologies) and employs over 4,500 people across 5 continents in Spain, United States, France, Canada, South Africa, Argentina, Venezuela, and China.

About Finacity

Finacity 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 US $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries.

About ING Bank NV, Sucursal en España

ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 51,000 employees offer retail and wholesale banking services to customers in over 40 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

Sustainability forms an integral part of ING’s strategy, which is evidenced by the number one position among 395 banks ranked by Sustainalytics. ING Group shares are being included in the FTSE4Good index and in the Dow Jones Sustainability Index (Europe and World) where ING is among the leaders in the Banks industry group.

For more information on this transaction, please contact:

Finacity

Philip Nuelle
Tel: 1 (203) 428-3546
Email: pnuelle@finacity.com

ING

Amador Malnero
Tel: +32 2 547 36 44
Email: amador.malnero@ing.com

Latest News

Press Release

Sep 2022

Finacity and ING Belgium NV Facilitate Increase of Accounts Receivable Securitization Program to $200 Million for Cushman & Wakefield

Finacity Corporation (“Finacity”), a White Oak Company, and ING Belgium SA/NV announce that they have facilitated an increase from $125 million to $200 million of the commitment capacity for the Accounts Receivables Securitization Program for Cushman & Wakefield Inc. (“C&W”), a leading global real estate services firm headquartered in Chicago, IL.

Press Release

Jul 2022

Finacity Facilitates Increase and Renewal of Accounts Receivable Securitization Program to EUR 300 million for the Greek State-Controlled Public Power Corporation S.A.

Finacity Corporation (“Finacity”), a White Oak Company, today announced that it has facilitated an increase from EUR 200 million to EUR 300 million of the commitment capacity for the accounts receivable securitization program for Public Power Corporation S.A. [ATHEX: PPC] (“PPC”), the largest Greek electricity generator and the principal supplier of electricity in the country. The securitization program finances consumer and corporate receivables originated by PPC in Greece.

Press Release

Jul 2022

Finacity Facilitates a $70 Million Receivables Securitization Program for American Airlines, Inc.

Finacity Corporation (“Finacity”), a White Oak Company, has successfully facilitated a $70 million receivables securitization program for American Airlines, Inc., headquartered in Fort Worth, Texas. The program focuses on a multi-country, multi-currency portfolio of cargo receivables from certain countries where the airline operates. Finacity provided origination, analytic and structuring support. Finacity serves as the ongoing Administrator for the program.