Finacity, as arranger, has facilitated the closing and funding of an innovative trade receivables securitisation for two subsidiaries of Mexico’s Copamex. Acting as the arranger, master servicer and bond administrator, Finacity structured a five-year transaction that provides Copamex with funding for receivables assigned from Copamex subsidiaries Ca Papelera Maldonado and Comercializadora Copamex.
The construct developed by Finacity involves the sale of up to a US$40mn senior tranche to a targeted investor. The fixed-rate senior tranche is rated A.mx by Standard & Poor’s Mexico and is expected to mature in 2011. Finacity has ongoing responsibilities that include performing as the master servicer and bond administrator.
As bond administrator, Finacity will generate reports daily for the various constituents: Copamex, investor and rating agency in order to provide all parties with visibility to assets, collateral values and receivables performance.