SOURCE: Finacity

Finacity

December 16, 2014 08:30 ET

Finacity and Wells Fargo Increase Trade Receivables Securitization Facility for The Manitowoc Company to $185 Million

STAMFORD, CT--(Marketwired - Dec 16, 2014) - Finacity Corporation ("Finacity") announced today that it has facilitated the successful increase of an existing trade receivables securitization for The Manitowoc Company, Inc. (NYSE: MTW). The $185 million transaction now incorporates two new divisions (Manitowoc Foodservice UK Limited and Manitowoc Deutschland GMBH). Wells Fargo Bank, NA (NYSE: WFC) provided funding for the transaction, while Finacity provided structuring support and is responsible for ongoing program administration and reporting.

About The Manitowoc Company, Inc.
The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with over 100 manufacturing, distribution and service facilities in 24 countries. The company is recognized globally as one of the premier innovators and providers of crawler cranes, tower cranes and mobile cranes for the heavy construction industry, which are complemented by a slate of industry-leading product support services. In addition, Manitowoc is one of the world's leading innovators and manufacturers of commercial foodservice equipment, which includes 24 market-leading brands of hot- and cold-focused equipment. More information can be found at www.manitowoc.com.  

About Finacity Corporation
Finacity specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and bond administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately US $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 165 countries. For further information, please visit www.finacity.com.

About Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.6 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 8,700 stores, 12,500 ATMs, the Internet (wellsfargo.com), and has offices in more than 36 countries to support the bank's customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. At the end of third quarter 2014, Wells Fargo ranked fourth in assets among U.S. banks and was the world's most valuable bank by market capitalization. Wells Fargo's vision is to satisfy all our customers' financial needs and help them succeed financially.

For more information on this transaction, please contact:

Contact Information

  • Finacity Corporation
    Michael Rodgers
    Tel: (203) 428-3531
    Email Contact

    Wells Fargo
    Eero Maki
    CFA
    Tel : (770) 508-2167
    Email Contact