Finacity Arranges a EUR 60 million Receivables Securitization Facility for Kongsberg Automotive ASA
Sep, 2020 by FinacityFinacity 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.
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
Kongsberg Automotive provides world-class products to the global vehicle industry. Kongsberg Automotive’s business has a global presence. With revenues of more than EUR 1 billion and approximately 11,000 employees in 19 countries, Kongsberg Automotive is a global supplier to the passenger car and commercial vehicle industries. The company is headquartered in Zurich, Switzerland. The parent company is based in Norway and our stock is publicly traded on the Oslo Stock Exchange. To learn more about Kongsberg Automotive, please visit www. https://www.kongsbergautomotive.com.
About Finacity
Finacity specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately $100 billion. With resources in the USA, Europe, Singapore and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.
For more information on this transaction, please contact:
Finacity Corporation
Daniel Stádník
Tel : +44-(0)20-3411 2539
Email: dstadnik@finacity.com
Finacity Facilitates an up to USD 50 Million Lender Finance Programme for Volo Fin Pte Ltd
Finacity Corporation, a White Oak Global Advisors Company (“Finacity”), announced today that it has successfully facilitated a new Lender Finance Program for Volo Fin Pte Ltd (“Volo Fin”), a leading…
Finacity Facilitates an Amendment and Increase for the Accounts Receivable Securitization Program to $45 Million for Hyperion Materials & Technologies Inc.
Finacity Corporation (“Finacity”), a White Oak Company, today announced that it has facilitated an increase from $40 million to $45 million for the commitment capacity of the Accounts Receivable Securitization…
Finacity Facilitates a EUR 50 Million Receivables Securitization Program for Metinvest Trametal and Ferriera Valsider in Italy
Finacity Corporation (“Finacity”), a White Oak Global Advisors Company, announced that it has successfully launched a EUR 50 million receivables securitization program for Metinvest Trametal and Ferriera Valsider, two re-rolling…
Finacity Upsizes IFRS Off-Balance Sheet Receivables Securitization for Vitro to USD 225 million
Finacity Corporation, a White Oak Company, (“Finacity”) announced that it has successfully upsized its IFRS off-balance sheet trade receivables securitization for Vitro International Investments, S.A. and Vitro, S.A.B. de C.V.…
Investors and corporates share thirst to tap trade receivables pool
Six of the interviewees in this article, from left in top row: Laurent Christophe, Trafigura; Shaun Baddeley, AFME; Miray Muminoglu, Lloyds. Bottom row: Abigail Deméocq, Crédit Agricole CIB; Dominic Capolongo,…