May 2007 by Finacity
Finacity Corporation Increases Trade Receivables Securitization Program for Fortune 100 Client
New York, NY, May 31, 2007 – Finacity Corporation announced that it successfully upsized a significant trade receivables securitization transaction for one of its clients, a Fortune 100 company. The funding program, now in its fifth year, has been increased to $150 million in funding availability. The upsized transaction includes receivables from obligors in Asia, North America and Latin America. The program is funded by a facility setup with an asset-backed commercial paper conduit sponsored by a leading European bank. 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.
“We are extremely pleased to continue to serve this sophisticated multinational client,” 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.”
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 & Company and the partners of Texas Pacific Group.
For more information about Finacity, please visit www.finacity.com.
For more information about Euler Hermes ACI, please visit www.eulerhermes.com.