September 2009 by Finacity
Finacity and NORD/LB Announce A €50 million Trade Receivable Securitization Facility for JohnsonDiversey
New York, NY – September 17, 2009 – Finacity Corporation (“Finacity”) announced today that, together with Norddeutsche Landesbank Girozentrale (“NORD/LB”), it has facilitated the successful closing of a European trade receivables securitization for JohnsonDiversey, Inc. (“JohnsonDiversey”). The funding agreement will provide JohnsonDiversey cash proceeds of up to €50 million through the ongoing purchase of receivables from French, Spanish and United Kingdom subsidiaries. NORD/LB’s commercial paper conduit, Hannover Funding Company LLC, will fund the transaction. NORD/LB’s Asset Backed Finance Group structured the transaction for Hannover Funding, and Finacity provided analytical and structuring support and serves as ongoing Administrator.
“NORD/LB is delighted to have partnered with Finacity to provide JohnsonDiversey with increased liquidity from this transaction,” said Omar Bolli, head of securitization at NORD/LB.
“Finacity is very pleased to implement a European receivable securitization for JohnsonDiversey,” said Adrian Katz, Finacity’s chief executive officer.
About JohnsonDiversey, Inc.
JohnsonDiversey is a leading global provider of commercial cleaning and hygiene products and solutions for food safety, food and beverage hygiene, floor care, housekeeping and room care, laundry, hand hygiene and industrial cleaning. Additionally, the company offers a wide range of value-added services, including safety and application training, consulting, and hygiene auditing. With sales into 170 countries, JohnsonDiversey serves institutional and industrial end-users such as food service providers, lodging establishments, food and beverage processing plants, building service contractors, retail outlets and health-care facilities. The company provides products directly and through distributors. More information can be found at www.johnsondiversey.com.
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. More information can be found at www.finacity.com.
NORD/LB ranks as number 50 among the world’s banks. From its securitization base in New York, the bank specializes in securitization and other structured transactions for its U.S. and European corporate clients. More information on NORD/LB can be found www.nordlb.com. For securitization information, call 212-812-6946.
For more information on this transaction please contact: Tom Heslenfeld, Finacity Corporation
tel 203-428-3519 (USA)
Anthony Brown, NORD/LB
tel 212-812-6952 (USA)