May 2016 by Finacity
Barcelona / Stamford, CT – 9th May 2016 – Finacity Corporation (“Finacity”) announced today that it has successfully launched a trade receivables securitization for Ercros S.A. (“Ercros”) [ECR.MC], a Spain-based producer of chemicals. The USD 12 million facility, funded by Finacity Capital Management (“FCM”), serves as a funding source for Ercros’ USD-denominated export receivables, thus complementing an existing EUR-denominated factoring program. Finacity served as the sole structurer and investor in the transaction and is responsible for ongoing program administration and reporting.
Ercros, S.A. manufactures and markets basic and intermediate chemicals, plastics, and pharmaceuticals worldwide. The company’s products are used in pharmaceuticals, derivatives manufacturing, swimming pools, the chemicals industry, resins paper pulp bleaching, textile bleaching, and water treatment applications.
In 2015, Ercros’ turnover was EUR 618 million, of which 51% was generated in Spain, 27% in the rest of the EU and 22% outside the EU. Ercros has 11 production plants in Spain with a workforce of 1,369 employees. The company was founded in 1817 and is headquartered in Barcelona, Spain. For more information, please visit www.finacity.com.
About Finacity and FCM
Finacity 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 and Latin America, Finacity conducts business throughout the world with obligors in 165 countries. For further information, please visit www.finacity.com.
. FCM is a funding vehicle dedicated to delivering access to securitization funding for companies with smaller receivables portfolios.
For more information on this transaction please contact:
Tel: +44-(0)20-3411 2539