Finacity Facilitates up to EUR 75 Million Receivables Securitization Program for Metinvest Trametal and Ferriera Valsider in Italy
GENOA, KYIV, STAMFORD and NEW YORK, Dec. 3, 2020 /PRNewswire/ -- Finacity Corporation ("Finacity"), part of the Greensill family of companies, has successfully launched a EUR 75 million receivables securitization program for Metinvest Trametal and Ferriera Valsider, two re-rolling steel mills headquartered in Genoa, part of Metinvest. Finacity provided origination, analytic and structuring support, and serves as the ongoing Administrator.
Securitization is a part of Metinvest's funding strategy aimed at enhancing its debt portfolio with instruments that will improve its credit profile, reduce cost of debt and create a prudent framework for reliable, long term working capital financing.
Yuriy Ryzhenkov, the Chief Executive Officer Metinvest states "This landmark deal is part of our broader strategy to expand our customer base and provide additional, flexible solutions for financing sales in Europe. Securitization also makes it possible to engage with new financial institutions that are eager to participate in the deal and provide additional liquidity to the Group. I would like to thank Rabobank for their long-term support of Metinvest and welcome Finacity Corporation as a new and important partner for us."
About Metinvest
Metinvest is an international, vertically integrated group of steel and mining companies (jointly referred to as "Metinvest" or "the Group"). The Group comprises mining and metallurgical assets in Ukraine, the EU, the UK and the US, complemented by a global sales network. Metinvest manages the complete production chain, from extracting iron ore and coal to manufacturing semi-finished and finished steel products.
For further information please visit: metinvestholding.com
About Metinvest Trametal and Ferriera Valsider
Metinvest Trametal SpA ("Metinvest Trametal") and Ferriera Valsider SpA ("Ferriera Valsider") are Metinvest's steel plate re-rollers located in Italy. They have approximately 1.2 million tons of flat product capacity (quarto plates and hot rolled coils), and act as a major force in the European flat products market. They offer a wide range of grades suitable for application in numerous industrial sectors.
For further information please visit: metinvestholding.com
About Finacity
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 US$100 billion. With resources in the US, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com
About Greensill
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 US$143 billion of financing in 2019 to more than 8 million customers and suppliers across more than 175 countries.
For further information, please visit www.greensill.com.
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