Finacity Corporation has closed and funded a trade receivables securitisation package for Papel, Carton y Derivados de CV (PCD), a Mexican manufacturer of paperboard and acting as arranger, master servicer and bond administrator.
It has structured a five-year transaction that provides PCD with funding for receivables assigned from PCD. The deal involved the purchase by a Mexican bank of a MXN 270 mn (US$24.5mn) senior tranche. This tranche is rated AA+.mx by Standard & Poor’s Mexico and is expected to mature in 2013.
However, Finacity retains certain responsibilities including its role as master servicer and bond administrator, which will involve the daily issuing of reports for PCD, investors and rating agencies to ensure visibility to assets, collateral values and receivables performance.
Refugio Gonzalez, PCD’s chairman comments: “We are very pleased to have launched a well priced, highly rated and collateral maximizing funding that proved compelling to PCD and the investor. This transaction demonstrates PCD’s flexible and cost-efficient access to the capital markets.”