Finacity Arranges $105 Million Receivables Securitization for Black Box Corporation

Jan, 2020 by Finacity

Stamford, CT – January 30, 2020 – Finacity Corporation (“Finacity”) 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.  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 and administrator Finacity for concluding this transaction. This securitization facility will further help us to grow our business and make our balance sheet strong.”

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.

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 $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.

 

For more information on this transaction, please contact:

Daniel Stadnik
Tel: +1 (203) 428-3506
Email: dstadnik@finacity.com

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