Finacity and ING Bank NV, Sucursal en España Facilitate up to USD 250 Million IFRS Off-Balance Sheet Securitization for Ferr...
February 08 2018 - 8:30AM
Finacity Corporation (“Finacity”) announced that it has
successfully launched an IFRS off-balance sheet trade receivables
securitization for Ferroglobe, PLC (NASDAQ:GSM)
(“Ferroglobe”). The transaction allows for up to $250 million
in funding of the senior tranche from ING Bank NV, Sucursal en
España (‘ING”), as well as an initial investment from Finacity in
the intermediate subordinated note. Finacity provided structuring
and execution support and is responsible for ongoing program
administration and reporting, as well as back-up servicing.
About Ferroglobe, PLCFerroglobe
PLC (“Ferroglobe”) was established in London, England in 2015, as a
result of a merger between Globe Specialty Metals and
FerroAtlántica. Through the merger, Ferroglobe is uniquely
positioned to leverage their strong position.
Ferroglobe is a supplier of silicon metal,
silicon-based specialty alloys, and ferroalloys. The company is the
largest producer of silicon metal in North America and is one of
the largest producers of a wide variety of metal alloys and other
metallic products in the world. Some of Ferroglobe customers’
industries include chemical silicon, aluminum and steel
manufacturers, producers of photovoltaic solar cells and computer
chips, the auto industry, ductile iron foundries, concrete and
building material producers.
Ferroglobe is organized into several business
areas (Electrometallurgy / Mining / Energy / Solar Photovoltaic
Technologies) and employs over 4,500 people across 5 continents in
Spain, United States, France, Canada, South Africa, Argentina,
Venezuela, and China.
About FinacityFinacity
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 US $100 billion. With resources
in the USA, Europe and Latin America, Finacity conducts business
throughout the world with obligors in 175 countries. For further
information, please visit www.finacity.com.
About ING Bank NV, Sucursal en
España ING is a global financial institution with a strong
European base, offering banking services through its operating
company ING Bank. The purpose of ING Bank is empowering people to
stay a step ahead in life and in business. ING Bank’s more than
51,000 employees offer retail and wholesale banking services to
customers in over 40 countries. ING Group shares are listed on the
exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New
York Stock Exchange (ADRs: ING US, ING.N). Sustainability forms an
integral part of ING’s strategy, which is evidenced by the number
one position among 395 banks ranked by Sustainalytics. ING Group
shares are being included in the FTSE4Good index and in the Dow
Jones Sustainability Index (Europe and World) where ING is among
the leaders in the Banks industry group.
For more information on this transaction, please
contact:
Finacity CorporationPhilip NuelleUSA Tel : 1
(203)
428-3546pnuelle@finacity.com
INGAmador Malnero+32 2 547 36
44amador.malnero@ing.com
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