SOURCE: Finacity

Finacity

May 12, 2011 02:30 ET

Finacity and NORD/LB Announce $100 Million Trade Receivables Securitization Facility for Germany Headquartered Hapag-Lloyd Group

HAMBURG, GERMANY and LONDON and NEW YORK, NY--(Marketwire - May 12, 2011) - Finacity Corporation ("Finacity") and Norddeutsche Landesbank Girozentrale ("NORD/LB") announce today that they have facilitated the successful closing of a trade receivables securitization for Hapag-Lloyd Group ("Hapag-Lloyd"). The funding agreement will initially provide Hapag-Lloyd cash proceeds of up to $100 million through the on-going purchase of receivables.

With these proceeds Hapag-Lloyd AG has refinanced repayments of shareholder loans which were paid back in April 2011.

Finacity served as Arranger, providing analytic and structuring support and serves as on-going Administrator and back-up Servicer.

NORD/LB, acting as Agent, structured the transaction for Hapag-Lloyd. The transaction will be funded through NORD/LB's commercial paper conduit, Hannover Funding Company LLC.

About Hapag-Lloyd
Hapag-Lloyd is a leading global liner shipping company with 137 modern ships, almost 5 million containers transported a year and with about 6,900 employees. The Company is present in more than 100 countries. For more than 160 years the Company has set industry-wide benchmarks for reliability, service, productivity and environmental protection.

In FY 2010, Hapag Lloyd AG reported sales of EUR 6,204,000,000 and an adjusted EBITDA of EUR 904,000,000.

About Finacity
Finacity specializes in the structuring and provision of efficient receivables funding programs, state-of-the-art servicing and administration. Finacity conducts business throughout the world. For more information about Finacity, please visit www.finacity.com.

About NORD/LB
NORD/LB is one of the ten leading banks in Germany. NORD/LB's Asset Backed Finance Group, based in New York, specializes in securitization and other structured transactions for its customers. More information on NORD/LB can be found on www.nordlb.com or www.nordlbnewyork.com.

Contact Information

  • For more information on this transaction please contact:
    Finacity
    Charles Nahum (UK)
    Tel +44 20 7935 3390
    Email Contact

    NORD/LB
    Edward Weber (USA)
    Tel +1 212 812 6949
    Email Contact