Contact Information: For more information on this transaction please contact: Adrian Katz Finacity Corporation tel 203-428-3540 (USA)
Finacity and NORD/LB Announce a Five-Year $90 Million Trade Receivable Securitization Facility for The Manitowoc Company
| Source: Finacity Corporation
NEW YORK, NY -- (MARKET WIRE) -- December 26, 2006 --Finacity Corporation ("Finacity") announced
today that together with Norddeutsche Landesbank Girozentrale ("NORD/LB")
it has facilitated the successful closing of a significant trade
receivables securitization for The Manitowoc Company, Inc. (NYSE : MTW ).
The five-year agreement will provide Manitowoc cash proceeds of up to $90
million through the ongoing purchase of receivables from certain domestic
and Canadian accounts assigned from its domestic Crane and Foodservice
operating subsidiaries. This new funding facility replaces a $60 million
facility launched in 2005. NORD/LB's commercial paper conduit, Hannover
Funding Company LLC, will fund the transaction.
Carl J. Laurino, Manitowoc senior vice president and chief financial
officer, stated: "This facility will provide an attractive alternative
source of low-cost funds that can now be deployed at higher rates of
return. We are very pleased that we were able to complete this transaction
with the support of Finacity and NORD/LB."
"Nord/LB is delighted to have partnered with Finacity to provide Manitowoc
a competitive alternative source of liquidity with this transaction," said
Omar Bolli, head of securitization at NORD/LB.
"Finacity is very pleased to facilitate a cost-efficient receivable
securitization for Manitowoc," said Adrian Katz, Finacity's chief executive
officer.
About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is one of the world's largest providers of
lifting equipment for the global construction industry, including
lattice-boom cranes, tower cranes, mobile telescopic cranes, and boom
trucks. As a leading manufacturer of ice-cube machines, ice/beverage
dispensers, and commercial refrigeration equipment, the company offers the
broadest line of cold-focused equipment in the foodservice industry. In
addition, the company is a leading provider of shipbuilding, ship repair,
and conversion services for government, military, and commercial customers
throughout the U.S. maritime industry.
More information can be found at http://www.manitowoc.com.
About Finacity Corporation
Finacity Corporation specializes in the structuring and provision of
efficient capital markets receivables funding programs, state-of-the-art
servicing, and bond administration. Finacity is located in the USA and
Europe. For more information about Finacity, please visit www.finacity.com.
About Nord/LB
NORD/LB ranks as number 50 among the world's banks. In the U.S. it
specializes in securitization and other structured transactions for
corporate clients from its base in New York.
More information on NORD/LB can be found at http://www.nordlb.com. For
securitization information, call 212-812-6946.