Contact Information: For more information on this transaction please contact: Tom Heslenfeld Finacity Corporation tel 203-428-3519 (USA) Anthony Brown NORD/LB tel 212-812-6952 (USA)
Finacity and NORD/LB Announce a EUR 50 Million Trade Receivable Securitization Facility for JohnsonDiversey
| Source: Finacity
NEW YORK, NY--(Marketwire - September 17, 2009) - Finacity Corporation ("Finacity") announced
today that, together with Norddeutsche Landesbank Girozentrale ("NORD/LB"),
it has facilitated the successful closing of a European trade receivables
securitization for JohnsonDiversey, Inc. ("JohnsonDiversey"). The funding
agreement will provide JohnsonDiversey cash proceeds of up to EUR 50
million through the ongoing purchase of receivables from French, Spanish
and United Kingdom subsidiaries. NORD/LB's commercial paper conduit,
Hannover Funding Company LLC, will fund the transaction. NORD/LB's Asset
Backed Finance Group structured the transaction for Hannover Funding, and
Finacity provided analytical and structuring support and serves as ongoing
Administrator.
"NORD/LB is delighted to have partnered with Finacity to provide
JohnsonDiversey with increased liquidity from this transaction," said Omar
Bolli, head of securitization at NORD/LB.
"Finacity is very pleased to implement a European receivable securitization
for JohnsonDiversey," said Adrian Katz, Finacity's chief executive officer.
About JohnsonDiversey, Inc.
JohnsonDiversey is a leading global provider of commercial cleaning and
hygiene products and solutions for food safety, food and beverage hygiene,
floor care, housekeeping and room care, laundry, hand hygiene and
industrial cleaning. Additionally, the company offers a wide range of
value-added services, including safety and application training,
consulting, and hygiene auditing. With sales into 170 countries,
JohnsonDiversey serves institutional and industrial end-users such as food
service providers, lodging establishments, food and beverage processing
plants, building service contractors, retail outlets and health-care
facilities. The company provides products directly and through
distributors. More information can be found at www.johnsondiversey.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. From its securitization
base in New York, the bank specializes in securitization and other
structured transactions for its U.S. and European corporate clients. More
information on NORD/LB can be found at http://www.nordlb.com. For
securitization information, call 212-812-6946.