Finacity launches receivables programme for manufacturer
Finacity, a US-based receivables financing company, has launched a trade receivables financing programme for outdoors manufacturing company Spectrum Brands.
The facility will allow for US$175mn in off-balance sheet funding and will be conducted under generally-accepted accounting principles. Finacity will be the ongoing administrator of the transactions and provided structuring and analytic support for the programme.
It will allow Spectrum to use its outstanding invoices as collateral to obtain financing, over a limited number of obligors. The Wisconsin company is a manufacturer of small appliances, consumer batteries, lawn and garden, electric shaving and grooming, residential locksets, pet supplies, and household insect control.
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