Metinvest Spartan UK Secures New Factoring Facility
Metinvest announced that Spartan UK, its re rolling plant based in Newcastle in UK, has secured a new GBP 35 million committed non-recourse factoring
Metinvest announced that Spartan UK, its re rolling plant based in Newcastle in UK, has secured a new GBP 35 million committed non-recourse factoring facility. The facility was arranged with Raiffeisen Bank International AG and will allow Spartan UK to perform regular sales of eligible trade receivables made on open terms on a true sale basis and without recourse against it. All receivables will be governed by English law and insured by Tokio Marine HCC. The facility will be established on a committed basis with a revolving tenor of 364 days.
Metinvest Chief Executive OfficerMr Yuriy Ryzhenkov said “Focus on customer needs has always been among Metinvest’s strategic priorities. We put a lot of effort into developing products and services to improve our value proposition. The facility will allow us to give our customers greater flexibility by offering various sales and financing conditions.”