Finacity has facilitated the successful renewal and amendment of a global trade receivables securitisation programme for agribusiness and food company Bunge. The programme will continue to provide the company with cash proceeds of up to US$700mn through the ongoing sale of some trade receivables.
When contacted by GTR, Finacity was unable to specify exactly which receivables from Bunge will be conveyed into the programme as part of an agreement with the company.
Finacity helped Bunge by providing analytic and structuring support, and serves as ongoing administrator providing comprehensive reporting.
“The programme will be funded through certain commercial paper conduit purchasers and committed purchasers. Each committed purchaser’s commitment to purchase receivables under the securitisation programme will terminate on May 26, 2019 unless extended for an additional one or two-year period in accordance with the terms of the receivables transfer agreement,” reads a statement issued by Finacity.