STAMFORD, Conn., Oct. 21, 2021 (GLOBE NEWSWIRE) -- Finacity Corporation, a White Oak Company, (“Finacity”) and PNC Bank National Association (“PNC Bank”) announce that they have successfully launched a trade receivables securitization for a United States headquartered leading technology support company supporting enterprise and consumer products as well as managing IT infrastructure.
The securitization program will allow the company up to USD 25 million in senior funding provided by PNC Bank to further enhance the company’s liquidity position. The 3-year facility is collateralized by receivables originated in the United States. Furthermore, the securitization program achieved accounting derecognition per IFRS as a result of Finacity providing up to an additional USD 1.6 million in junior funding, as well as serving as control party of the securitization’s impaired receivables.
Finacity provided analytic and structuring support, as well as serving as the ongoing transaction administrator, junior investor, and control party. PNC Bank serves as the arranger and senior funding provider.
About Finacity, a White Oak Company
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 Latin America and Asia, Finacity conducts business throughout the world with obligors in 175 countries. Finacity is affiliated with White Oak Global Advisors, LLC, a leading alternative debt manager specializing in originating and providing financing solutions to facilitate the growth, refinancing and recapitalization of small and medium enterprises. For further information, please visit www.finacity.com.
About White Oak Global Advisors
White Oak Global Advisors, LLC (“WOGA”), together with its financing affiliates, provides over twenty lending products to the market, including term, asset-based, and equipment loans, to all sectors of the economy. Since its inception in 2007, WOGA and its affiliates have deployed over $9 billion across its product lines, utilizing a disciplined investment process that focuses on delivering risk-adjusted investment returns to investors while establishing long term partnerships with our borrowers. More information can be found at www.whiteoaksf.com.
About PNC Bank
The PNC Financial Services Group, Inc. is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking including a full range of lending products; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com.
For more information on this transaction, please contact:
| FINACITY CORPORATION a White Oak Company Daniel Stádník Tel: +44 (0)20-3411 2539 dstadnik@finacity.com | PNC BANK Imad Naja Tel: +1 412 467 1547 imad.naja@pnc.com |
