Finacity Corporation and ING Belgium have closed a €100mn trade receivables securitisation for Portugese-based wood panel supplier Sonae Indústria.
The securitisation programme will provide Sonae Indústria with cash proceeds through the ongoing purchase of receivables from its European operations and affiliates in Portugal, Spain, France, England, Germany and the Netherlands.
ING Belgium provided structuring and funding on the transaction, while Finacity provided analytic and structuring support and serves as ongoing administrator and back-up servicer.
This transaction will replace another securitisation, initiated in 2004, to provide continued access to funding against the group’s trade receivables portfolio, Sonae Indústria says in a statement.
The signing of the transaction comes as Sonae Indústria announces that its indirect affiliated company Sonae Industria in the UK will close its operations due to political and licensing difficulties.
As a consequence, no further manufacturing will take place at the plant and the firm will continue to supply the UK market from its other plants throughout Europe.