Increases and Extends Trade Receivables Securitization Program for Fortune 100 Client

Finacity Corporation Increases and Extends Trade Receivables Securitization Program for Fortune 100 Client

New York, NY, January 12, 2006 – Finacity Corporation announced that it successfully upsized and extended a significant trade receivables securitization transaction for one of its clients, a Fortune 100 company, on January 6, 2006. The funding program was rolled over for a fourth year and increased to approximately $90 million in funding availability. The initial facility, first funded in 2002, started at $40 million and included domestically originated receivables from obligors in Latin America and the Middle East, sold from one division. In addition to the original obligors, the upsized transaction now includes receivables from obligors in Asia, the US, Canada and Eastern Europe which purchase from three subsidiaries of Finacity’s client. The program is funded by a facility setup with an asset-backed commercial paper conduit from one of the world’s largest banks. Euler Hermes ACI, the leading trade credit insurer in North America, continues to insure the credit and political risk associated with the underlying obligor receivables purchased. With this program extension, Finacity has moved from monthly funding activities to purchasing and funding receivables on a daily basis to maximize the client’s liquidity and minimize its obligor risk exposure.

“We are extremely pleased to serve this very important client for the past several years and through 2006,” said Adrian Katz, CEO of Finacity. “The expansion of this program, in both size and scope, clearly demonstrates that Finacity’s offering, in conjunction with its partner Euler Hermes ACI, is providing a valuable blend of efficient funding and risk mitigation for our client.”

——————–
About Finacity Corporation

Finacity is a company that specializes in the provision of efficient, securitization-based trade receivables funding solutions as well as state-of-the-art servicing, collections and reporting capabilities. Finacity’s offerings can include both domestic and international receivables for its clients. Finacity’s strategic partners and investors include ABN AMRO Bank, Bank of America, Euler Hermes ACI, Amroc Investments, Avenue Capital, Ecoban, Kleiner Perkins Caufield & Byers, Bain & Co., Ecoban and the partners of Texas Pacific Group.

Finacity has offices in Stamford, CT, New York City and San Francisco. More information can be found at www.finacity.com.

For more information on Euler Hermes ACI, please visitwww.Eulerhermes.com.

Media Inquiries:

Kit Codik
Executive Vice President
Finacity Corporation
(415) 984-3758
kcodik@finacity.com

Latest News

Press Release

May 2020

Finacity Arranges Receivables Securitization for Startek, Inc.

Finacity Corporation (“Finacity”), a member of the Greensill family of companies, announces the close of a trade receivables securitization program for Startek, Inc. (“Startek”) in April 2020. The securitization program finances receivables originated by Startek’s entities in the United States.

Press Release

May 2020

Finacity Supports Receivables Securitization for Talen Energy

Finacity Corporation (“Finacity”), a member of the Greensill family of companies, announces the December 2019 closing of a trade receivables securitization for Talen Energy Marketing, LLC, a wholly owned subsidiary of Talen Energy Supply, LLC (“Talen Energy”).

Press Release

Mar 2020

Finacity COVID-19 Update — March 31, 2020

For the past two weeks our employees have been working from home to support the global initiative to control the spread of COVID-19. We are pleased to report that our people, processes and technology have been flawless in terms of meeting daily and project related deliverables.

Press Release

Mar 2020

Finacity Statement on COVID-19

As a Greensill/Finacity customer, we appreciate the trust you place in us and our people worldwide. Given the current global environment, we wanted to take a moment and explain how we’re prepared to ensure that your business needs and requirements are being met.

Sign up to monthly insights in our newsletter

Subscribe to the Greensill monthly newsletter to discover the latest in news, views and insights in the world of balance sheet optimisation, working capital and supply chain finance. Join the discussion today.