FINACITY and DZ BANK Facilitate a USD $115 Million Receivables Securitization for Volt Information Sciences, Inc. (NYSE:VISI)
January 2018 by Finacity
Stamford, CT – January 29, 2018 – FINACITY CORPORATION (“FINACITY”) and DZ BANK AG Deutsche Zentral-Genossenschaftsbank (“DZ BANK”) announce that they have successfully launched a trade receivables securitization for Volt Information Sciences, Inc. (“Volt”), a New York Stock Exchange listed company headquartered in New York, NY. The 2-year facility supported by Volt’s U.S. receivables allows for up to USD $115 million in funding with a $35 million sublimit for letters of credit.
FINACITY originated the transaction, provided analytic and structuring support, as well as serving as the ongoing Transaction Administrator. DZ BANK co-structured and serves as the ongoing Agent for the transaction, which was 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.
About DZ BANK
DZ BANK is the second largest bank in Germany and acts as central bank for approximately 1,000 cooperative banks with over 12,000 branches in Germany. DZ BANK’s New York based Structured Finance Asset Securitization unit 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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