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
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 https://www.kongsbergautomotive.com.
Finacity, a member of the Greensill family of companies, 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.
Reformers at heart, Greensill challenges the status quo by working to make global finance fairer and levelling the playing field for all businesses and people alike. The company unlocks capital so the world can put it to work.
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.
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SOURCE Finacity Corporation