Finacity, a White Oak company, and Bayerische Landesbank organize a securitization of receivables of 81.5 million euros over 2 years
STAMFORD, Connecticut, October 27, 2021 (GLOBE NEWSWIRE) – Finacity Corporation, a White Oak Company, (âFinacityâ) and Bayerische Landesbank (âBayernLBâ) announce they have successfully launched a trade receivables securitization for a European flexible polyurethane foam products. The 2 year facility is secured by receivables issued by sellers in the UK, the Netherlands, Germany, France, Poland, Romania, Hungary and Lithuania. The program consists of sixteen separate vendors, invoiced in five different currencies with funding in three of those currencies.
The securitization program will allow the company up to â¬ 80 million in senior funding provided by BayernLB to further improve the company’s liquidity position. In addition, the securitization program obtained an accounting derecognition according to IFRS standards thanks to the contribution by Finacity of an additional junior financing of 1.5 million euros.
Finacity provided analytical and structuring support, as well as as administrator of pending transactions, junior investor and controlling party. BayernLB acts as the main arranger and finance provider through its ABCP conduit, Corelux.
About Finacity, a White Oak Company
Finacity, a White Oak company, specializes in structuring and delivering effective debt financing programs in the capital markets, vendor and debt financing, safeguard services and bond administration. Finacity currently facilitates the financing and administration of an annual debt volume of approximately US $ 100 billion. With resources in the United States, Europe, Latin America and Asia, Finacity operates worldwide with debtors in 175 countries. Finacity is affiliated with White Oak Global Advisors, LLC, a leading alternative debt manager specializing in creating and delivering financing solutions to facilitate the growth, refinancing and recapitalization of small and medium businesses. For more information, please visit www.finacity.com.
About White Oak Global Advisors
White Oak Global Advisors, LLC (“WOGA”), along with its financing subsidiaries, provides more than twenty market lending products, including term, asset and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over US $ 9 billion across its product lines, using a disciplined investment process that focuses on providing risk-adjusted investment returns to investors. while building long-term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
As a streamlined specialist bank based in Munich, BayernLB is a major banking partner of the German economy. The Bank is committed to progress. Its clients – German and international companies, savings banks, institutional investors and the public sector – are at the heart of its sustainable approach.
In its business client activity, BayernLB focuses on growth sectors such as mobility, energy, technology, construction and basic resources, as well as manufacturing and engineering. The Bank supports companies in these sectors in particular to successfully develop their business models. As a real estate financier, BayernLB Group offers 360-degree know-how across the entire real estate business value chain.
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