Kongsberg Automotive receives €60 million trade receivables securitization facility

Chicago, Sept. 25 – Kongsberg Automotive ASA closed on a trade receivables securitization program, according to a news release.

Arranged by Finacity Corp., the program finances trade receivables originated by the company’s business in the United States, Canada, France, Poland and Slovakia.

The company will have access to up to €60 million in senior funding and up to €3 million in junior funding to enhance the company’s liquidity position.

Finacity provided analytic and structuring support and serves as the transaction administrator, junior investor and control party.

The company previously increased its revolver and completed an equity raise earlier in the year.

The company is a Kongsberg, Norway-based automotive parts manufacturer.

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