Finacity Facilitates the Addition of UK Entities to USD $115 Million Receivables Securitization for Volt Information Sciences, Inc. (NYSE:VISI)Jul, 2019 by Finacity
Finacity Corporation (“Finacity”) and DZ Bank AG Deutsche Zentral-Genossenschaftsbank (“DZ Bank”) announces the addition of Volt Information Sciences, Inc. (“Volt”) United Kingdom subsidiaries as sellers of receivables to Volt’s existing trade receivables securitization. The 2-year facility supported by Volt’s US and UK receivables allows for up to USD $115 million in funding with a $35 million sublimit for letters of credit.
Finacity provided analytic and structuring support for the addition of the UK entities, as well as serving as the ongoing Transaction Administrator. DZ Bank serves as the ongoing Agent for the transaction, which is funded via Autobahn Funding (DZ Bank sponsored ABCP conduit).
About Volt Information Sciences, Inc
Volt Information Sciences, Inc. is a global provider of staffing services (traditional time and materials-based as well as project-based) and managed staffing service programs. Staffing services consist of workforce solutions that include providing contingent workers, personnel recruitment services, and managed services programs supporting primarily professional administration, technical, information technology, light-industrial and engineering positions. Managed staffing service programs involve managing the procurement and on-boarding of contingent workers from multiple providers. Volt’s complementary businesses offer customer care call centers, customized talent and supplier management solutions to a diverse client base. Volt services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation, and utilities.
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. For further information, please visit finacity.com.
About DZ BANK
DZ BANK is the second largest bank in Germany and acts as central bank for approximately 875 cooperative banks with over 10,000 branches in Germany. DZ BANK’s New York based Structured Finance Asset Securitization team offers specialty lender finance, structured asset and accounts receivable financing solutions for a wide variety of clients and asset types throughout North America.
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