Finacity arranges US$105m receivables securitisation for Black Box Corporation


Finacity Corporation (Finacity), a member of the Greensill family of companies, announces the close of a trade receivables securitisation program for Black Box Corporation (Black Box), a subsidiary of AGC Networks Singapore Pte Limited (AGC). The securitisation program finances receivables originated by Black Box’s subsidiaries in the United States and United Kingdom, and its proceeds were used to refinance the credit facility provided to Black Box upon its acquisition by AGC in January 2019.

The securitisation program comprises multiple tranches and allows up to US$90m in senior funding by Fifth Third Bank, National Association. In addition, Greensill has provided a US$15m subordinated facility to further enhance the company’s liquidity. The securitisation program achieved accounting derecognition per both IFRS and US GAAP.



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