STAMFORD, Conn., Feb. 08, 2018 (GLOBE NEWSWIRE) -- 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, PLC
Ferroglobe 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 Finacity
Finacity 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 Corporation
Philip Nuelle
USA Tel : 1 (203) 428-3546
pnuelle@finacity.com
ING
Amador Malnero
+32 2 547 36 44
amador.malnero@ing.com