Finacity and NordLB have again increased the Alliance One International (AOI) trade receivables securitisation, this time from US$100mn to US$125mn.
The original US$55mn securitisation − set to mature in March 2013 − closed in 2006 and was extended to US$100mn in 2008.
The deal includes a Finacity-owned special purpose entity (SPE) which purchases receivables from the sale of agricultural commodities to both non-OECD and OECD customers in approximately 80 countries.
The SPE is expected to provide AOI with risk-mitigated monetisation through the ongoing securitisation of trade receivables generated by a Swiss-based subsidiary of AOI.
AOI purchases, processes, stores and sells leaf tobacco to cigarette manufacturers and other consumer tobacco products worldwide. The firm is primarily involved in the processing and sale of flue-cured, burley, and oriental tobaccos and also provides agronomy services for growing leaf tobacco.
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