October 2021 by Finacity
Stamford, CT – October 27, 2021 – Finacity Corporation, a White Oak Company, (“Finacity”) and Bayerische Landesbank (“BayernLB”) announce that they have successfully launched a trade receivables securitization for a European manufacturer of flexible polyurethane foam products. The 2-year facility is collateralized by receivables originated by sellers in the UK, Netherlands, Germany, France, Poland, Romania, Hungary, and Lithuania. The program consists of sixteen distinct sellers, invoices in five different currencies with funding in three of those currencies.
The securitization program will allow the company up to EUR 80 million in senior funding provided by BayernLB to further enhance the company’s liquidity position. Furthermore, the securitization program achieved accounting derecognition per IFRS as a result of Finacity providing an additional EUR 1.5 million in junior funding.
Finacity provided analytic and structuring support, as well as serving as the ongoing transaction administrator, junior investor, and control party. BayernLB serves as the arranger and senior funding provider via its ABCP conduit, Corelux.
About Finacity, a White Oak Company
Finacity, a White Oak Company, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and bond administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $100 billion. With resources in the USA, Europe, Latin America, and Asia, Finacity conducts business throughout the world with obligors in 175 countries. Finacity is affiliated with White Oak Global Advisors, LLC, a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing, and recapitalization of small and medium enterprises. For further information, please visit www.finacity.com.
About White Oak Global Advisors
White Oak Global Advisors, LLC (“WOGA”), together with its financing affiliates, provides over twenty lending products to the market, including term, asset-based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over US $9 billion across its product lines, utilizing a disciplined investment process that focuses on delivering risk-adjusted investment returns to investors while establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
As a streamlined specialized bank based in Munich, BayernLB is a major banking partner to the German economy. The Bank is committed to progress. Its customers – German and international companies, savings banks, institutional investors, and the public sector – are at the heart of its sustainable approach.
In its corporate client business, BayernLB focuses on forward-looking sectors such as mobility, energy, technology, construction & basic resources, and manufacturing & engineering. The Bank supports companies from these industries in particular to successfully develop their business models. As a real estate financier, BayernLB Group offers 360-degree know-how across the entire value chain of real estate businesses.
For more information on this transaction, please contact:
a White Oak Company
Tel: +44 (0)20-3411 2539
Tel: +49 89 2171 21306