Finacity Arranges a EUR 60 million Receivables Securitization Facility for Kongsberg Automotive ASA
Finacity Arranges a EUR 60 million Receivables Securitization Facility for Kongsberg Automotive ASA |
[25-September-2020] |
STAMFORD, Conn., Sept. 25, 2020 /PRNewswire/ -- Finacity Corporation ("Finacity"), a member of the Greensill family of companies, 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. The securitization program will allow Kongsberg Automotive up to EUR 60 million in senior funding and up to EUR 3 million in junior funding to further enhance the company's liquidity position. Finacity provided analytic and structuring support, as well as serving as the ongoing transaction administrator, junior investor and control party. Norbert Loers, the CFO and interim Co-CEO of Kongsberg Automotive, commented: "This complements our liquidity improvement projects and provides to us very efficient and flexible additional funding on top of the previously reported increase in our Revolving Credit Facility (RCF) and the successfully completed raise of new equity earlier this year." About Kongsberg Automotive ASA About Finacity About Greensill Founded in 2011, Greensill is headquartered in London with offices in New York, Frankfurt, Chicago, Miami, Singapore, Bogota, Shenzhen, Abu Dhabi, Johannesburg, Sydney, Warrington and Bundaberg. Greensill provides innovative financing solutions to customers across Europe, North America, Latin America, Middle East, Africa, and Asia – injecting more than $143 billion of financing in 2019 to more than 8 million customers and suppliers across more than 175 countries. View original content:http://www.prnewswire.com/news-releases/finacity-arranges-a-eur-60-million-receivables-securitization-facility-for-kongsberg-automotive-asa-301138332.html SOURCE Finacity Corporation | ||
Company Codes: Oslo:KOA |
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