Finacity Corporation (Finacity), a member of the Greensill family of companies, announced the close of a trade receivables securitization program for Black Box Corporation (“Black Box”), a subsidiary of AGC Networks Singapore Pte Limited (“AGC”). The securitization 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 securitization program comprises multiple tranches and allows up to $90 million in senior funding by Fifth Third Bank, National Association. In addition, Greensill has provided a $15 million subordinated facility to further enhance the company’s liquidity. The securitization program achieved accounting derecognition per both IFRS and US GAAP.

Finacity provided analytic and structuring support, as well as serving as the ongoing transaction administrator and control party. Fifth Third Bank funds the senior tranche and serves as the ongoing agent.

Deepak Bansal, Global CFO of AGC and CFO of Black Box, commented: “This transaction is a very important milestone and is testimony to the business transformation done by all team members at Black Box in a one-year period post-acquisition by AGC. We are pleased with the support extended by senior lender Fifth Third Bank, subordinated note holder Greensill and administrator Finacity for concluding this transaction. This securitization facility will further help us to grow our business and make our balance sheet strong.”

The program is one of many deals closed since Finacity joined Greensill in June 2019, adding Finacity’s world leading receivables securitization capabilities to Greensill’s market leading financing capabilities for all aspects of working capital finance.