Trade Receivables Securitization Facility for The Manitowoc Company

Finacity Corporation Announces A Three-Year, Trade Receivables Securitization Facility for The Manitowoc Company

New York, NY – December 08, 2005 – Finacity Corporation announced today that it has facilitated the successful closing of a significant trade receivables securitization for The Manitowoc Company, Inc. (NYSE: MTW). The securitization was arranged by Finacity Corporation and Harris Nesbitt. Manitowoc and Finacity successfully structured a three-year transaction that provides Manitowoc with funding for receivables assigned from its operating subsidiaries. The three-year agreement will provide Manitowoc cash proceeds of up to $60 million through the ongoing purchase of the receivables from certain domestic and Canadian accounts. Harris Nesbitt’s commercial paper conduit, Fairway Finance Co., will fund the transaction.

Carl J. Laurino, senior vice president and chief financial officer, stated: “For more than a decade, Manitowoc has used the EVA™ methodology to maximize our use of assets, and this new facility is another example of our commitment to strong cash generation. This facility will provide an attractive source of low-cost funds that can now be deployed at higher rates of return. We are very pleased that we were able to complete this transaction with the support of Harris Nesbitt and the Finacity Corporation.”

“Harris Nesbitt is very excited to have partnered with Finacity to provide Manitowoc a cost-effective alternative form of liquidity with this financing,” said Dave Kucera, a managing director at Harris Nesbitt.

“Finacity is very pleased to facilitate a cost-efficient receivable securitization for Manitowoc and we are proud of our close collaboration with Harris Nesbitt,” said Adrian Katz, Finacity’s chief executive officer.

About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is one of the world’s largest providers of lifting equipment for the global construction industry, including lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom trucks. As a leading manufacturer of ice-cube machines, ice/beverage dispensers, and commercial refrigeration equipment, the company offers the broadest line of cold-focused equipment in the foodservice industry. In addition, the company is a leading provider of shipbuilding, ship repair, and conversion services for government, military, and commercial customers throughout the U.S. maritime industry.

More information can be found at www.manitowoc.com.

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, Kleiner Perkins Caufield & Byers, Bain & Co., 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.

About Harris Nesbitt
Harris Nesbitt is an investment and corporate bank offering clients access to a full range of products and services including investment and corporate banking, treasury services, market risk management, institutional investing and research. Harris Nesbitt is a leading provider of asset-backed commercial paper conduit financings and term ABS issuance in the U.S. Harris Nesbitt focuses on providing innovative, highly structured financing solutions for both traditional and esoteric asset classes to a diverse client base. Harris Nesbitt is part of Harris, an integrated financial services organization providing more than one million personal, business, corporate and institutional clients with banking, lending, investing and financial management solutions. Harris Nesbitt is a member of BMO Financial Group. For more information, please visit www.harrisnesbitt.com.com.

Media Inquiries:

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

Latest News

Press Release

Sep 2020

Finacity Arranges a EUR 60 million Receivables Securitization Facility for Kongsberg Automotive ASA

Finacity Corporation (“Finacity”) announces the closing of a trade receivables securitization program for Kongsberg Automotive ASA [OB: KOA] (“Kongsberg Automotive”), the Norwegian supplier to the global automotive industry. The securitization program finances trade receivables originated by the company’s businesses in the US, Canada, France, Poland and Slovakia.

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.

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.