Finacity Corp. and Norddeutsche Landesbank Girozentrale (NORD/LB) have facilitated the closing of a European trade receivables securitization for JohnsonDiversey.
The funding agreement will offer JohnsonDiversey cash proceeds of up to €50 million through the ongoing purchase of receivables from French, Spanish and U.K subsidiaries. NORD/LB’s commercial paper conduit, Hannover Funding Co. will fund the transaction. It was NORD/LB’s asset-backed finance group that structured the deal for Hannover Funding. Finacity provided analytical and structuring support and serves as ongoing administrator.