German-based Styrolution Group has closed a €500 million ($667 million) trade receivables program, according to a release from Finacity Corp., which helped structured the deal and serves as the administrator.
The program spans operations in four countries, with obligors located in 136 countries. It will be funded through a single bank-sponsored CP conduit.
A joint venture between two chemical companies, Germany's BASF and Switzerland's INEOS, Styrolution is a styrenics maker. It focuses on styrene monomer, polystyrene, copolymers, and ABS. The company's pro forma sales totaled €6.4 billion in 2010.