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 Corporation
Finacity 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)