Metinvest has launched an all-new accounts receivable securitisation programme for its Italian re-rollers Metinvest Trametal and Ferriera Valsider, in the amount of EUR 75 million. In the context of the securitisation, Metinvest Trametal and Ferriera Valsider will originate and sell, on a revolving basis, portfolios of trade receivables to a special purpose vehicle. The acquisition of the receivables will be financed through the issuance of EUR75 million in partially paid variable interest notes backed by the purchased receivables.
The notes will be subscribed by Cooperatieve Rabobank UA of Netherlands through its asset-backed commercial paper conduit, Nieuw Amsterdam Receivables Corporation BV Finacity Corporation of US, as the deal’s arranger, provided origination, analytic and structuring support and will serve as the ongoing administrator of the programme by providing certain reporting activities. Centotrenta Servicing Spa will be responsible for certain monitoring and reporting services, compliance of the transaction with applicable laws and the prospectus and coordinating the administrative, accounting and tax compliance of the SPV.
Allen & Overy has provided assistance to Metinvest Trametal and Ferriera Valsider in relation to all legal aspects related to the discussed transaction. Gattai, Minoli, Agostinelli & Partners has acted as drafting counsel assisting Cooperatieve Rabobank.
Securitisation is a part of the Group’s funding strategy aimed at enhancing its debt portfolio with instruments that will improve its credit profile, reduce the cost of debt and create a prudent framework for reliable, long‑term working capital financing.