STAMFORD, Conn., July 24, 2019 (GLOBE NEWSWIRE) -- Finacity Corporation (“Finacity”), a member of the Greensill family of companies, and DZ Bank AG Deutsche Zentral-Genossenschaftsbank (“DZ Bank”) announces the addition of Volt Information Sciences, Inc. (“Volt”) United Kingdom subsidiaries as sellers of receivables to Volt’s existing trade receivables securitization. The 2-year facility supported by Volt’s US and UK receivables allows for up to USD $115 million in funding with a $35 million sublimit for letters of credit.
Finacity provided analytic and structuring support for the addition of the UK entities, as well as serving as the ongoing Transaction Administrator. DZ Bank serves as the ongoing Agent for the transaction, which is funded via Autobahn Funding (DZ Bank sponsored ABCP conduit).
The program enhancement is one of a number of deals closed since Finacity joined Greensill in June of 2019, adding Finacity’s world leading receivables securitization capabilities to Greensill’s market leading financing capabilities for all aspects of working capital finance.
About Volt Information Sciences, Inc
Volt Information Sciences, Inc. is a global provider of staffing services (traditional time and materials-based as well as project-based) and managed staffing service programs. Staffing services consist of workforce solutions that include providing contingent workers, personnel recruitment services, and managed services programs supporting primarily professional administration, technical, information technology, light-industrial and engineering positions. Managed staffing service programs involve managing the procurement and on-boarding of contingent workers from multiple providers. Volt’s complementary businesses offer customer care call centers, customized talent and supplier management solutions to a diverse client base. Volt services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation, and utilities.
About Finacity
Finacity, a member of the Greensill family of companies, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.
About Greensill
Greensill is the leading non-bank provider of working capital finance for companies globally. Founded in 2011, Greensill provides businesses with alternative sources of funding, allowing them to provide suppliers with the opportunity for faster payment, while at the same time preserving their own capital position. The company is headquartered in London with offices in New York, Frankfurt, Chicago, Miami, Singapore, Sao Paulo, Mexico City, Johannesburg, Sydney, Warrington and Bundaberg. Greensill provides Working Capital Finance facilities to customers across Europe, North America, Latin America, Africa, and Asia. The company owns Greensill Bank, which was founded in Bremen, Germany in 1927, has a suite of proprietary Supply Chain Finance Funds run by world leading fund management organisations, acquired Finacity in June 2019, and works with more than 100 institutional investors that together provide stable funding. Greensill has extended more than $60 billion of financing to more than 8 million customers across 165 countries since inception. For further information, please visit www.greensill.com.
About DZ BANK
DZ BANK is the second largest bank in Germany and acts as central bank for approximately 875 cooperative banks with over 10,000 branches in Germany. DZ BANK’s New York based Structured Finance Asset Securitization team offers specialty lender finance, structured asset and accounts receivable financing solutions for a wide variety of clients and asset types throughout North America.
For more information on this transaction, please contact:
| FINACITY CORPORATION | DZ BANK | |
| Philip Nuelle | Structured Finance Asset Securitization | |
| USA Tel : +1 (203) 428-3546 | Christian Haesslein | |
| pnuelle@finacity.com | USA Tel : +1 (212) 745-1668 | |
| christian.haesslein@dzbank.com |