Finacity Corporation ("Finacity") announced it has facilitated the successful addition of an Asian originator to an existing trade receivables securitization for The Manitowoc Company, Inc. The $185 million transaction now incorporates a new division (Manitowoc Foodservice Asia Pacific Private Limited). Wells Fargo Capital Finance, a division of Wells Fargo & Company WFC, provided funding for the transaction, while Finacity provided structuring support and is responsible for ongoing program administration and reporting.
The Manitowoc Company, Inc. is a multi-industry, capital goods manufacturer with 92 manufacturing, distribution, and service facilities in 25 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. Manitowoc is also 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. In addition, both segments are complemented by a slate of industry-leading product support services. More information can be found at www.manitowoc.com.
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 U.S. $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.
Wells Fargo Capital Finance is the trade name for certain asset-based lending services, senior secured lending services, accounts receivable and purchase order finance services, and channel finance services of Wells Fargo & Company and its subsidiaries, and provides traditional asset-based lending, specialized senior and junior secured financing, accounts receivable financing, purchase order financing and channel finance to companies across the United States and internationally.