Contact Information: For more information on this transaction please contact: Thomas Heslenfeld SVP Finacity Corporation tel 203-428-3519 (USA)
Finacity Announces a Five-Year $150 Million Trade Receivable Securitization Facility for Northwest Airlines
| Source: Finacity Corporation
NEW YORK, NY--(Marketwire - December 10, 2007) - Finacity Corporation announced today that it
has facilitated the successful refinancing of a trade receivables
securitization for Northwest Airlines, Inc. (NYSE : NWA ) at attractive
pricing levels of CP+100 bps per annum. Finacity served as arranger and
will provide ongoing administrative and reporting services for the
transaction. NWA and Finacity successfully structured a five-year
transaction that provides NWA with funding for certain operating
receivables. The agreement will provide NWA cash proceeds of up to $150
million through the ongoing purchase of the receivables.
Dan Matthews, NWA's Senior Vice President and Treasurer, said: "Despite
current conditions, completing this facility demonstrates NWA's ability to
raise attractive financing in the capital markets. We are very pleased that
we were able to complete this transaction with the support of Finacity
Corporation."
"Finacity is proud to have facilitated a cost-efficient receivable
securitization for NWA," said Adrian Katz, Finacity's chief executive
officer.
About Northwest Airlines, Inc.
Northwest Airlines is one of the world's largest airlines with hubs at
Detroit, Minneapolis/St. Paul, Memphis, Tokyo and Amsterdam, and
approximately 1,400 daily departures. Northwest is a member of SkyTeam, an
airline alliance that offers customers one of the world's most extensive
global networks. Northwest and its travel partners serve more than 1,000
cities in excess of 160 countries on six continents.
More information can be found at http://www.nwa.com.
About Finacity Corporation
Finacity Corporation specializes in the arranging and structuring of
efficient capital markets funding programs, state-of-the-art servicing, and
bond administration. Finacity's annual flow of receivables exceeds $10
billion. Finacity's strategic partners include ABN AMRO Bank, Bank of
America and Euler Hermes ACI, and is located in the USA and Europe. For
more information about Finacity, please visit www.finacity.com.