Contact Information: For more information on this transaction please contact: Tom Heslenfeld Finacity Corporation tel 203-428-3519 (USA) Edward Weber NORD/LB tel 212-812-6949 (USA)
Finacity and NORD/LB Announce a $40 Million Trade Receivable Securitization Facility for CHC Helicopter
| Source: Finacity
NEW YORK, NY--(Marketwire - October 6, 2009) - Finacity Corporation ("Finacity") announced
today that, together with Norddeutsche Landesbank Girozentrale ("NORD/LB"),
it has facilitated the successful closing of a European trade receivables
securitization for CHC Helicopter. The funding agreement will initially
provide CHC Helicopter cash proceeds of up to $40 million through the
ongoing purchase of receivables from various European subsidiaries and
affiliates. 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. Finacity served as
Arranger, providing analytic and structuring support and serves as ongoing
Administrator.
"CHC Helicopter is very pleased to have worked with Finacity and NORD/LB to
implement a cost-efficient and creative source of incremental liquidity,"
said John Hanbury, Corporate Treasurer at CHC Helicopter.
"NORD/LB is delighted to have partnered with Finacity to provide CHC
Helicopter with increased liquidity from this transaction," said Omar
Bolli, Head of Securitization at NORD/LB, adding that "structuring leading
edge European receivables securitizations is an area in which we provide
added value."
"Finacity is very pleased to implement a complex European receivable
securitization for CHC Helicopter," said Adrian Katz, Finacity's Chief
Executive Officer.
About CHC Helicopter Corporation
CHC Helicopter, headquartered in Canada, is a leading provider of
helicopter support to the oil and gas industry, search and rescue,
helicopter training, repair and overhaul. CHC Helicopter operates
approximately 270 aircraft in 35 countries. More information can be found
at www.chc.ca.
About Finacity Corporation
Finacity Corporation specializes in the structuring and provision of
efficient capital markets receivables funding programs, state-of-the-art
servicing, and bond administration. Finacity is located in the USA and
Europe. For more information about Finacity, please visit www.finacity.com.
About NORD/LB
NORD/LB ranks as number 50 among the world's banks. From its securitization
base in New York, the bank specializes in securitization and other
structured transactions for its U.S. and European corporate clients. More
information on NORD/LB can be found at http://www.nordlb.com. For
securitization information, call Omar Bolli at 212-812-6946.