Natuzzi Renews Securitization Facility With Intesa Sanpaolo
July 24 2020 - 9:24AM
Dow Jones News
By Chris Wack
Natuzzi SpA said Friday it has renewed its accounts-receivables
securitization facility with an affiliate of Intesa Sanpaolo SpA
for an additional 5-year period.
The company said it originally entered into the securitization
facility in July 2015, and the new facility allows it to assign
trade receivables to Intesa Sanpaolo for a maximum amount of 40
million euros ($46.4 million) on a revolving basis and maintaining
only a limited risk in the assigned trade receivable, in exchange
for short-term credit.
Natuzzi said the facility continues to provide it with an
important and stable source of liquidity. Notably, the company is
entitled to assign a wider range of trade receivables, thus adding
flexibility to its funding capacity.
Natuzzi Group shares were up 90%, to $2.20, in premarket
trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
July 24, 2020 09:09 ET (13:09 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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