€1.2 Billion Funding Program for Ineos
November 2010 by Finacity
Finacity Facilitates Daily Reporting for a €1.2 Billion Trade Receivable Securitization for Ineos
New York, NY – November 9, 2010 – Finacity Corporation (“Finacity”) announced today that, together with a consortium of banks, it is facilitating daily reporting for a global trade receivables securitization for Ineos Group Limited (“Ineos”). Finacity provides ongoing ledger monitoring, daily integration and reporting on behalf of 11 selling entities for receivables denominated in 4 currencies. The funding facility provides Ineos cash proceeds of up to €1.2 billion through the ongoing purchase of receivables from Belgian, French, German, Italian, United Kingdom and US subsidiaries.
About Ineos Group Limited
Ineos is a global manufacturer of petrochemicals, specialty chemicals and oil products. It comprises 15 businesses each with a major chemical company heritage. Its production network spans 60 manufacturing facilities in 13 countries throughout the world. The management philosophy at Ineos is to operate a simple and decentralized organizational structure, coupled with programs intended to incentivize employees.
About Finacity CorporationFinacity Corporation specializes in the structuring and provision of efficient capital markets receivables funding programs, state-of-the-art servicing, and bond administration. Finacity is located in the USA and Europe. For more information about Finacity, please visit www.finacity.com.
For more information on this transaction please contact:
Adrian Katz, Finacity Corporation
Tel 203-428-3540 (USA)
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