Finacity Arranges a EUR 200 million Receivables Securitization Facility for the Greek State-Controlled Public Power Corporation S.A.

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Aug 11, 2020, 12:26 ET

STAMFORD, Conn., Aug. 11, 2020 /PRNewswire/ -- Finacity Corporation ("Finacity"), a member of the Greensill family of companies, announces the August 2020 closing of a trade receivables securitization program for Public Power Corporation S.A. [ATHEX: PPC] ("PPC"), the largest Greek electricity generator and the principal supplier of electricity in the country. The securitization program finances consumer and corporate receivables originated by PPC in Greece.

The securitization program will allow PPC up to EUR 200 million in senior funding to further enhance the company's liquidity position.

Finacity provided analytic and structuring support and will serve as the ongoing transaction administrator.

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.

About Public Power Corporation
Public Power Corporation, a Greek State-controlled entity, is the leading player in the Greek energy market. PPC supplies power to approximately 6.3 million customers throughout Greece and is the largest power generation company in the country. The company currently holds about 66% of the Greek energy market share. PPC was established in 1950 and has its headquarters based out of Athens, Greece. The company has been a publicly listed entity since December 2001, with a market capitalization of EUR 858,86 million as of Aug 10, 2020. To learn more about Public Power Corporation, please visit https://www.dei.gr/en.

About Finacity
Finacity, a member of the Greensill family of companies, specializes in the structuring and provision of efficient capital markets receivables funding programs, supplier and payables finance, back-up servicing, and program administration. Finacity currently facilitates the financing and administration of an annual receivables volume of approximately $100 billion. With resources in the USA, Europe and Latin America, Finacity conducts business throughout the world with obligors in 175 countries. For further information, please visit www.finacity.com.

About Greensill
Reformers at heart, Greensill challenges the status quo by working to make global finance fairer and levelling the playing field for all businesses and people alike. The company unlocks capital so the world can put it to work.

Founded in 2011, Greensill is headquartered in London with offices in New York, Frankfurt, Chicago, Miami, Singapore, Bogota, Shenzhen, Abu Dhabi, Johannesburg, Sydney, Warrington and Bundaberg. Greensill provides innovative financing solutions to customers across Europe, North America, Latin America, Middle East, Africa, and Asia – injecting more than $143 billion of financing in 2019 to more than 8 million customers and suppliers across more than 175 countries.