Increases and Extends Trade Receivables Securitization Program for Fortune 100 Client
December 2004 by
Finacity Corporation announced that it successfully upsized and extended a significant trade receivables securitization transaction for one of its clients, a Fortune 100 Company, on November 30, 2004. The funding program was rolled over for a third year and increased to $70 million in funding availability. The initial facility, first funded in 2002, started at $40 million and included domestically originated receivables from obligors in Latin America and the Middle East, sold from one division. In addition to the original assets, the upsized transaction now includes receivables from obligors in the US and Canada which purchase from a second product division and through two other selling subsidiaries of Finacity’s client.