Finacity and ING launch a €100 million Pan-European Trade Receivables Securitization for Portugal Headquartered Sonae Indústria
September 2012 by Finacity
Finacity and ING Belgium SA/NV successfully launch a €100 million Pan- European Trade Receivables Securitization for Portugal Headquartered Sonae Indústria (SONI.LS)
Brussels / Lisbon / London / New York – 14th September 2012 – Finacity Corporation (“Finacity”) and ING Belgium SA/NV announce today that they have facilitated the successful closing of a trade receivables securitization for Sonae Indústria SGPS, SA (“Sonae Indústria”). The securitization program will provide Sonae Indústria with cash proceeds of up to €100 million through the on-going purchase of receivables from its European operations.
Finacity and ING Belgium SA/NV acted jointly for the setup of the transaction. ING Belgium SA/NV structured and funded the transaction whereas Finacity provided analytic and structuring support, and serves as on-going administrator and back-up servicer.
About Sonae Indústria
SONAE INDÚSTRIA is one of the world’s largest companies within the wood based panels sector, serving the worldwide markets of construction, furniture and decoration. With approx. 4,800 employees, Sonae Indústria is present in Portugal, Spain, Germany, France, the Netherlands, United Kingdom, Switzerland, South Africa and Canada. Sonae Indústria was founded in 1959 and is headquartered in Maia, Portugal. Sonae Indústria’s shares are listed on Euronext Lisbon under ticker SONI. More information can be found at www.sonaeindustria.com.
Finacity specializes in the structuring and provision of efficient receivables funding programs, state-of-the-art servicing and administration. Finacity currently facilitates the financing and administration of an annual volume of receivables in excess of $50 billion. Finacity conducts business throughout the world. For more information about Finacity, please visit www.finacity.com.
ING Belgium SA/NV services all banking customers with a wide range of financial products and via the distribution channel (click, call & face) of their choice. ING Belgium SA/NV employs 9.845 persons* and is a full subsidiary of ING Group N.V. which services 67 million private, corporate and institutional clients** in more than 40 countries in Europe, North America, Latin America, Asia and Australia.
* December 2011
** Numbers adjusted for the sale of ING Direct USA and Insurance Latin America
For more information on this transaction please contact:
Tel +44 20 3411 2539
el + 44 20 7935 3390
ING Belgium SA/NV
Tel +32 2 547 36 44
Press office ING Belgium
T Tel + 32 2 547 24 84
More recent news
Finacity Serves as Advisor on Dinerito Audaz US$10 million Consumer Loan Funding Program
Finacity Corporation (“Finacity”) is pleased to announce that it served as advisor to a new US$10 million loan funding program recently closed between Dinerito Audaz, S.A.P.I. de C.V. SOFOM, E.N.R ...
Finacity Renews a $152 Million IFRS Off-Balance Sheet Securitization for VCNA, Part of Brazilian Headquartered Votorantim Group
Finacity Corporation (“Finacity”) announced that it has successfully renewed the IFRS off-balance sheet trade receivables securitization for Votorantim Cimentos North America Inc. (“VCNA”). Th ...
Finacity Facilitates Increase to USD 800 million of Trade Receivable Funding for Bunge
Finacity Corporation (“Finacity”) today announced that it has assisted Bunge Limited (“Bunge”), a US-based leading global agribusiness and food company, in the USD 100 million increase of its ...