Finacity Corporation and Norddeutsche Landesbank Girozentrale (NORD LB) announced the closing of a European trade receivables securitization for JohnsonDiversey, Inc.
The funding agreement will provide JohnsonDiversey cash proceeds of up to EUR 50 million ($73 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.
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.