Finacity Corporation Closes CAN$55 Million Receivables Securitization Transaction for Sprint Canada
July 2003 by Finacity
New York City, July 23, 2003 – Finacity Corporation, in conjunction with National Bank Financial Inc., have signed an agreement implementing a significant accounts receivable securitization transaction for Sprint Canada Inc., a Canadian provider of residential and business telecommunications services and a wholly owned subsidiary of Call-Net Enterprises Inc. (TSX: FON, FON.B). The five-year agreement will provide Sprint Canada cash proceeds of up to CAN$55 million through the ongoing purchase of the receivables from certain domestically originated and cross border accounts.
“The securitization transaction allows us to unlock the value of our accounts receivables and optimize our working capital with better financial terms than those available from traditional lenders,” said Roy Graydon, Executive Vice President & Chief Financial Officer, Sprint Canada. “The transaction provides further liquidity to invest in the core business.”
“We are very proud to have worked with Sprint Canada, Dominion Bond Rating Services and National Bank to facilitate a complex, yet cost efficient, receivables securitization,” said Adrian Katz, Chief Executive Officer, Finacity. “This transaction demonstrates the flexibility of Finacity’s funding construct and the strength of Finacity’s servicing platform.”
Finacity Corporation (www.finacity.com)
Finacity is a company that specializes in the provision of efficient receivables funding and state-of-the-art servicing and collections. Finacity brings capital markets funding capabilities to companies who typically would be unable to access the capital markets directly. Finacity’s offering can include both the domestic and international receivables of its clients. The strategic partners who founded and funded Finacity include ABN AMRO Bank, Bank of America, EULER ACI, Amroc Investments and eVolution Venture Partners, a venture capital firm backed by Kleiner Perkins Caufield & Byers, Bain & Co., and the partners of Texas Pacific Group. Finacity’s headquarters are located in New York City.
Sprint Canada Inc.
Sprint Canada is a wholly owned subsidiary of Call-Net Enterprises. Sprint Canada Inc. is a leading Canadian integrated communications solutions provider of local and long distance voice services as well as data, networking solutions and online services to businesses and households across Canada. Call-Net, headquartered in Toronto, owns and operates an extensive national fiber network, has over 134 co-locations in nine Canadian metropolitan markets, and maintains network facilities in the United States and the United Kingdom. For more information, visit www.callnet.ca and www.sprintcanada.ca.
Executive Vice President
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