BRUSSELS, BELGIUM and LISBON, PORTUGAL and LONDON and NEW YORK, NY--(Marketwire - Sep 14, 2012) - Finacity Corporation ("Finacity") and ING Belgium SA/NV announce today that they have facilitated the successful closing of a trade receivables securitization for Sonae Indústria SGPS, SA ("Sonae Indústria"). The securitization program will provide Sonae Indústria with cash proceeds of up to EUR 100 million through the on-going purchase of receivables from its European operations.
Finacity and ING Belgium SA/NV acted jointly for the setup of the transaction. ING Belgium SA/NV structured and funded the transaction whereas Finacity provided analytic and structuring support, and serves as on-going administrator and back-up servicer.
About Sonae Indústria
SONAE INDÚSTRIA is one of the world's largest companies within the wood based panels sector, serving the worldwide markets of construction, furniture and decoration. With approx. 4,800 employees, Sonae Indústria is present in Portugal, Spain, Germany, France, the Netherlands, United Kingdom, Switzerland, South Africa and Canada. Sonae Indústria was founded in 1959 and is headquartered in Maia, Portugal. Sonae Indústria's shares are listed on Euronext Lisbon under ticker SONI. More information can be found at http://www.sonaeindustria.com.
Finacity specializes in the structuring and provision of efficient receivables funding programs, state-of-the-art servicing and administration. Finacity currently facilitates the financing and administration of an annual volume of receivables in excess of $50 billion. Finacity conducts business throughout the world. For more information about Finacity, please visit www.finacity.com.
ING Belgium SA/NV services all banking customers with a wide range of financial products and via the distribution channel (click, call & face) of their choice. ING Belgium SA/NV employs 9.845 persons* and is a full subsidiary of ING Group N.V. which services 67 million private, corporate and institutional clients** in more than 40 countries in Europe, North America, Latin America, Asia and Australia.
* December 2011
** Numbers adjusted for the sale of ING Direct USA and Insurance Latin America