Finacity Facilitates EUR 500 Million Global Trade Receivables Securitization Program on Behalf of Styrolution
(firmenpresse) - NEW YORK, NY -- (Marketwire) -- 10/05/11 -- Finacity Corporation ("Finacity") announced today that it has facilitated the successful funding of a global trade receivables securitization program for Styrolution Group GmbH ("Styrolution"). The securitization program will provide Styrolution with cash proceeds of up to EUR 500 million through the on-going purchase of receivables from its multi-country operations network. Receivables are originated in 4 countries with obligors in 136 countries.
This program is intended to enhance Styrolution's financial flexibility by providing an additional source of funding for its operations.
Finacity helped Styrolution launch the securitization by providing analytic and structuring support, and serves as on-going Administrator providing comprehensive reporting.
The program will be funded through a single bank-sponsored commercial paper conduit.
Styrolution is the leading global styrenics supplier with a focus on styrene monomer, polystyrene, copolymers, and ABS. As a joint venture of BASF and INEOS, Styrolution combines the key styrenics assets of two of the biggest chemical companies in the world -- with more than 70 years of experience, complementary competencies and portfolios. Styrolution strives to serve the success of its customers by offering them the best possible solution, designed to give them a competitive edge in their markets. The company provides styrenics applications for many everyday products across a broad range of industries, including automotive, electrical/electronics, building and construction, household appliances, toys/sports/leisure, packaging, healthcare and diagnostics. In 2010, pro forma combined sales were at EUR 6.4 billion, resulting in an EBITDA before exceptionals of EUR 407 million. Styrolution employs about 3,400 people at 17 sites in ten countries.
Finacity specializes in the structuring and provision of efficient receivables funding programs, state-of-the-art servicing and administration. Finacity conducts business throughout the world. For more information about Finacity, please visit .
For more information on this transaction please contact:
Thomas Heslenfeld (USA)
Tel +1 203 428 3519
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Datum: 05.10.2011 - 19:27 Uhr
Sprache: Deutsch
News-ID 73204
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