October 2012 by Finacity
Facilitated by Finacity, Coltejer Carries Out the First Trade Receivable Securitization in Colombia
Stamford, CT – October 12, 2012 – Finacity Corporation structured the first trade receivable securitization in the Colombian market. The COP 22 Billion public placement exceeded the pre-agreed minimum amount of COP 20 Billion for the first tranche of an issue for an aggregate amount of COP 35 Billion, which obtained a “AAA” rating, the highest rating given by BRC Investor Services S.A. – Sociedad Calificadora de Valores (Ticker “FIDCOLTEJE” on the Colombian Stock Exchange). The revolving program, which has a five-year term, includes risk mitigants such as: (a) an overcollateralization with respect to the size of the deal, (b) a trust managed by Alianza Fiduciaria and (c) daily reporting of Coltejer’s commercial invoice portfolio as part of Finacity’s role as Master Servicer.
Adrian Katz, CEO of Finacity, said that “this new structure now offers an innovative financing alternative to companies in the commercial and industrial sectors of Colombia, taking advantage of techniques which have so far been successful in Europe, the USA and Mexico.”
The issue was placed in the Colombian capital markets on October 10th through a public offering brought by Alianza Valores.
About Coltejer S.A.
Created in 1907, Coltejer S.A. is a Colombian textile producer. It is one of the leading producers of fibres and cotton cloth, mainly denim, in Colombia. Other of its products include apparel and home products, as well as polyester, linen and nylon cloth. In 2008 its control was acquired by the Mexico-based Kaltex Group, a global leader in the textile market.
About Finacity Corporation
Finacity Corporation is a market leader in the structuring, servicing and administration of trade receivable securitization programs. Finacity conducts business throughout the world, with a major presence in emerging markets, particularly in Latin America. Finacity currently facilitates the financing and administration of an annual volume of receivables in excess of US$50 billion. For more information about Finacity, please visit www.finacity.com.
For more information on this transaction please contact:
Carlos A. Gonzalez (New York)
Tel: +1 203 428 3502
Cel: +1 917 657 0484
Manuel Vicente de la Pava (Bogotá)
Tel: (1) 313 1821
Cel: (318) 794 7382