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STAMFORD, Conn., April 03, 2019 (GLOBE NEWSWIRE) -- Finacity Corporation (“Finacity”) announced that it has successfully renewed the IFRS off-balance sheet trade receivables securitization for Votorantim Cimentos North America Inc. (“VCNA”). The transaction allows for up to $150 million in funding of the senior tranche from Wells Fargo Capital Finance, part of Wells Fargo & Company [NYSE: WFC], as well as a $2 million investment from Finacity Capital Management (“FCM”) in the intermediate subordinated note. Finacity served as structuring agent coordinating the renewal process on behalf of the company. Finacity will continue to be responsible for ongoing program administration and reporting.
VCNA is the North-American subsidiary of Votorantim Cimentos, one of the ten largest global cement, concrete and mortar companies, and part of the Votorantim Group, one of Brazil's largest industrial conglomerates with a presence in more than 20 countries. VCNA oversees the Group's cement, ready mix and aggregate operations in North America, which include, among others, St. Marys Cement Inc. (SMC), a leading manufacturer of cement, ready-mixed concrete and aggregates in the United States and Canada.
About Finacity and FCM
Finacity specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and bond 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. FCM is a funding vehicle dedicated to delivering access to securitization funding for companies with smaller receivables portfolios, together with selected investments in the junior tranches of larger securitization programs.
For more information on this transaction, please contact:
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